Document:

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                                                                    Exhibit 10.4

                                                             EXECUTION COPY (V5)
                                                          ELAN LICENSE AGREEMENT

                                            ***TEXT OMITTED AND FILED SEPARATELY
                                                CONFIDENTIAL TREATMENT REQUESTED
                                          UNDER 17 C.F.R. SECTIONS 200.80(B)(4),
                                                            200.83 AND 240.24B-2

                                                                    29 June 2001

                               LICENSE AGREEMENT

                                    BETWEEN

                             ELAN CORPORATION, PLC

                                      AND

                            SAFESCIENCE NEWCO, LTD.

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                               TABLE OF CONTENTS

<TABLE>
<S>                                                                 <C>
1     DEFINITIONS

2     ELAN LICENSE TO NEWCO

3     INTELLECTUAL PROPERTY

4     [...***...]

5     FINANCIAL PROVISIONS

6     RIGHT OF INSPECTION AND AUDIT

7     REPRESENTATIONS AND WARRANTIES

8     TERM AND TERMINATION

9     CONFIDENTIAL INFORMATION

10    GOVERNING LAW AND JURISDICTION

11    IMPOSSIBILITY OF PERFORMANCE - FORCE MAJEURE

12    ASSIGNMENT

13    NOTICES

14    MISCELLANEOUS
</TABLE>

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THIS AGREEMENT dated 29 June 2001, and effective as of the Effective Date (as
defined below)

between:

(1)  Elan Corporation, plc., a public limited company incorporated under the
     laws of Ireland, and having its registered office at Lincoln House, Lincoln
     Place, Dublin 2, Ireland; and

(2)  SafeScience Newco, Ltd., an exempted limited liability company incorporated
     under the laws of Bermuda and having its registered office at Clarendon
     House, 2 Church St., Hamilton, Bermuda ("Newco").

RECITALS:
---------

A.   Simultaneously herewith, SafeScience, Elan, EIS, and Newco are entering
     into the JDOA for the purpose of recording the terms and conditions of the
     joint venture and of regulating their relationship with each other and
     certain aspects of the affairs of, and their dealings with, Newco.

B.   Newco desires to enter into this Agreement with Elan so as to permit Newco
     to utilize the Elan Intellectual Property in making, having made,
     importing, using, offering for sale and selling the Products in the Field
     in the Territory.

C.   Simultaneously herewith Newco and SafeScience are entering into the
     SafeScience License Agreement relating to Newco's use of the SafeScience
     Intellectual Property.

1    DEFINITIONS

1.1  In this Agreement unless the context otherwise requires:

     "Affiliate" shall mean any corporation or entity controlling, controlled by
     or under the common control of Elan or SafeScience or any third party, as
     the case may be, excluding, in the case of Elan, an Elan JV.  For the
     purpose of this definition, (i)"control" shall mean direct or indirect
     ownership of [...***...] or more of the stock or shares entitled to vote
     for the election of directors; and (ii) Newco shall not be an Affiliate of
     Elan, Elan Corp, or EIS nor shall Elan, Elan Corp, or EIS be an Affiliate
     of Newco.

     "After Acquired Technology" shall have the meaning as such term is defined
     in Clause 4.1.

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     "Agreement" shall mean this license agreement (which expression shall be
     deemed to include the Recitals and Schedules hereto).

     "Change of Control of SafeScience/Newco" shall mean circumstances where:

          (a)  a Technological Competitor of Elan shall, directly or indirectly,
               (i) acquire [...***...] or more of the voting stock of
               SafeScience or Newco, or otherwise control or influence in any
               material respect their management or business; or (ii) otherwise
               have entered into any joint venture, collaborative, license or
               other arrangement with SafeScience or Newco, as the case may be,
               to such an extent that such a Technological Competitor of Elan
               controls or influences in any material respect the business or
               management of SafeScience or Newco, as the case may be; or

          (b)  any person or entity shall, directly or indirectly, acquire
               [...***...] or more of the then voting stock of SafeScience or
               Newco, or otherwise merge, consolidate or enter into any similar
               transaction (or binding agreement in respect thereof) with
               SafeScience or Newco.

     "Compounds" shall mean SafeScience's human therapeutic drug GBC-590, the
     structure of which is described in Schedule 1, such derivatives or analogs
     thereof, or other compounds which are approved in writing by the Steering
     Committee, in accordance with Clause 2.4 of the JDOA.

     "Confidential Information" shall have the meaning as such term is defined
     in Clause 9.

     "Definitive Documents" shall mean the definitive agreements relating to the
     transaction including finance, stock purchase, research and license
     agreements.

     "Effective Date" shall mean the Initial Closing Date.

     "EIS" shall mean Elan International Services, Ltd., a Bermudan exempted
     limited liability company having its registered office at Clarendon House,
     2 Church St., Hamilton, Bermuda.

     "Elan" shall mean Affiliates and subsidiaries of Elan Corp within the
     division of Elan Corp carrying on business as Elan Pharmaceutical
     Technologies.  For the avoidance of doubt, "Elan" shall exclude the
     Excluded Entities.

     "Elan Corp" shall mean Elan Corporation, plc., a public limited company
     incorporated under the laws of Ireland.

     "Elan Improvements" shall mean improvements to the Elan Patents and/or the
     Elan Know-How, developed (i) by Elan outside the Project, (ii) by Elan,
     SafeScience or

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     Newco or by a third party (under contract with Newco) pursuant to the
     Project, and/or (iii) jointly by any combination of Elan, SafeScience,
     Newco or a third party (under contract with Newco) pursuant to the Project,
     except as limited by agreements with third parties.

     Subject to third party agreements, Elan Improvements shall constitute part
     of Elan Intellectual Property and be included in the Elan License pursuant
     to Clause 2.1 solely for the purposes set forth therein.  If the inclusion
     of an Elan Improvement in the Elan License is restricted or limited by a
     third party agreement, Elan shall use reasonable commercial efforts to
     minimize any such restriction or limitation.

     "Elan Intellectual Property" shall mean the Elan Know-How, the Elan Patents
     and the Elan Improvements.

     For the avoidance of doubt, Elan Intellectual Property shall exclude
     inventions, patents and know-how owned, licensed or controlled by the
     Excluded Entities.

     "Elan JV" shall mean an entity that Elan and a third party (i) establish or
     have established, (ii) take shareholdings in or have a right to take
     shareholdings in, and (iii) grant certain licenses in and to certain
     intellectual property rights for the purpose of implementing a strategic
     alliance.

     "Elan Know-How" shall mean, subject to Clause 4.1, any and all rights
     owned, licensed or controlled by Elan to any scientific, pharmaceutical or
     technical information, data, discovery, invention (whether patentable or
     not), know-how, substances, techniques, processes, systems, formulations,
     designs and expertise relating to Elan's proprietary [...***...] Drug
     Delivery Technology, which is not generally known to the public

     "Elan License" shall have the meaning set forth in Clause 2.1.

     "Elan Patents" shall mean, subject to Clause 4.1, any and all rights under
     any and all patent applications and/or patents, now existing, currently
     pending or hereafter filed or obtained or licensed by Elan relating to
     Elan's proprietary [...***...] Drug Delivery Technology, as set forth in
     Schedule 2, and any foreign counterparts thereof and all divisionals,
     continuations, continuations-in-part, any foreign counterparts thereof and
     all patents issuing on any of the foregoing, and any foreign counterparts
     thereof, together with all registrations, reissues, re-examinations,
     supplemental protection certificates, or extensions thereof, and any
     foreign counterparts thereof.

     "Elan Trademark(s)" shall mean one or more trademarks, trade names, or
     service marks that are owned or licensed by or on behalf of Elan which Elan
     may nominate and approve in writing from time to time for use in connection
     with the sale or promotion of the Products by Newco.

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     "Excluded Entities" shall mean The Liposome Company, Inc. and its
     subsidiaries; Axogen Limited; Neuralab Limited; Dura Pharmaceuticals, Inc.
     and its subsidiaries; and Affiliates (present or future) of Elan Corp
     within the division of Elan Corp carrying on business as Elan
     Pharmaceuticals which incorporates, inter alia, Elan Pharma International,
     Ltd. (only to the extent that it is the owner of patents, know-how or other
     intellectual property or technology invented and/or developed within the
     division of Elan Corp carrying on business as Elan Pharmaceuticals), Athena
     Neurosciences, Inc., Elan Pharmaceuticals, Inc. and  Elan Europe Limited.

     "Field" shall mean the prevention and treatment of oncology indications in
     humans.

     "Financial Year" shall mean each year commencing on 1 January (or in the
     case of the first Financial Year, the Effective Date) and expiring on 31
     December of each year.

     "Initial Formulation" shall have the meaning as such term is defined in
     Clause 2.3 of the JDOA.

     "Initial Mode of Administration" shall have the meaning as such term is
     defined in Clause 2.3 of the JDOA.

     "Initial Closing Date" shall have the meaning as such term is defined in
     Section 1(a) of the SafeScience Securities Purchase Agreement.

     "JDOA" shall mean that certain subscription, joint development and
     operating agreement, of even date herewith, by and between Elan,
     SafeScience, EIS and Newco.

     [...***...]

     "NDA" shall mean New Drug Application.

     "Newco Intellectual Property" shall mean all rights to patents, know-how
     and other intellectual property arising out of the conduct of the Project
     by any person, including any technology acquired by Newco from a third
     party, which does not constitute Elan Intellectual Property or SafeScience
     Intellectual Property.

     For the avoidance of doubt (i) any preclinical and clinical data and/or
     toxicity, stability and pharmacological data generated pursuant to the
     Project shall constitute Newco Intellectual Property; and (ii) any patent
     application filed by Newco, or by Elan or SafeScience on behalf of Newco,
     and any patent issued pursuant thereto, covering a Product shall constitute
     Newco Intellectual Property.

     "Party" shall mean Elan or Newco, as the case may be, and "Parties" shall
     mean both parties together.

     "Product" shall mean the Initial Formulation and Initial Mode of
     Administration of the Compound in the Field, and such other formulations
     and modes of administration of the Compound as may be agreed to by the
     Steering Committee in accordance with Clause 2.4

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     of the JDOA.

     "[...***...] Drug Delivery Technology" shall mean Elan's proprietary
     [...***...] [...***...].  For the avoidance of doubt, [...***...] Drug
     Delivery Technology shall not include Elan's [...***...].

     "Project" shall mean all activities as undertaken by Elan, SafeScience and
     Newco in order to develop the Products.

     "SafeScience" shall mean SafeScience, Inc., a Nevada corporation and its
     Affiliates.

     "SafeScience Improvements" shall have the meaning as such term is defined
     in the SafeScience License Agreement.

     "SafeScience Intellectual Property" shall mean the SafeScience Know-How,
     the SafeScience Patents and the SafeScience Improvements.

     "SafeScience Know-How" shall have the meaning as such term is defined in
     the SafeScience License Agreement.

     "SafeScience License Agreement" shall mean that certain license agreement,
     of even date herewith, entered into between SafeScience and Newco.

     "SafeScience Patents" shall have the meaning as such term is defined in the
     SafeScience License Agreement.

     "SafeScience Securities Purchase Agreement" shall mean that certain
     securities purchase agreement, dated June 22, 2001, by and between
     SafeScience and EIS.

     "Steering Committee" shall have the meaning as such term is defined in the
     JDOA.

     "Technological Competitor of Elan" shall mean a person or entity listed in
     Schedule 3, and divisions, subsidiaries and successors thereof, or any
     additional broad-based technological competitor of Elan added to such
     Schedule from time to time upon mutual agreement of SafeScience and Elan.

     "Term" shall have the meaning set forth in Clause 8.

     "Territory" shall mean all the countries of the world.

     "United States Dollar" and "US$" shall mean the lawful currency for the
     time being of the United States of America.

1.2  In this Agreement:

     1.2.1  The singular includes the plural and vice versa, and the masculine
            includes the feminine and vice versa and the neuter includes the
            masculine and the feminine.

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     1.2.2  Any reference to a Clause or Schedule shall, unless otherwise
            specifically provided, be to a Clause or Schedule of this Agreement.

     1.2.3  The headings of this Agreement are for ease of reference only and
            shall not affect its construction or interpretation.

2    ELAN LICENSE TO NEWCO

2.1  Elan hereby grants to Newco for the Term [...***...]license to the Elan
     Intellectual Property to make, have made, import, use, offer for sale and
     sell the Product in the Field in the Territory (the "Elan License"),
     subject to [...***...].

2.2  [...***...] shall be responsible for payments related to the financial
     provisions and obligations of any third party agreement with respect to the
     Elan Intellectual Property to which it is a party on the Effective Date
     (including amendments thereto) (the "[...***...] Effective Date
     Agreements"), including without limitation, any royalty or other
     compensation obligations triggered thereunder on the Effective Date, or
     triggered thereunder after the Effective Date.

     For the avoidance of doubt, royalties, milestones or other payments which
     arise from the process of the commercialization or exploitation of products
     under the Elan Effective Date Agreements (for example, a milestone payment
     payable upon successful completion of Phase II clinical trials, the filing
     of an NDA application, obtaining NDA approval, or first commercial sale)
     shall be payments for which [...***...] will be responsible under this
     Clause 2.2.

2.3  SafeScience shall be a third party beneficiary under this Agreement and
     shall have the right to cause Newco to enforce Newco's rights under this
     Agreement against Elan.

2.4  Notwithstanding anything contained in this Agreement to the contrary, Elan
     shall have the right outside the Field, to exploit and grant licenses and
     sublicenses of the Elan Intellectual Property.

     For the avoidance of doubt, Newco shall have no right to use the Elan
     Intellectual Property outside the Field.

2.5  Newco shall not be permitted to assign, or, except as provided in Clause 11
     of the JDOA, license or sublicense any of its rights under the Elan
     Intellectual Property without the prior consent in writing of Elan.

2.6  Any agreement between Newco and any permitted third party for the
     development or exploitation of the Elan Intellectual Property shall require
     such third party to maintain the

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     confidentiality of all information concerning the Elan Intellectual
     Property.

     Insofar as the obligations owed by Newco to Elan are concerned, Newco shall
     remain responsible for all acts and omissions of any permitted sub-
     licensee, including SafeScience, as if they were acts and omissions by
     Newco.

3    INTELLECTUAL PROPERTY

3.1  Ownership of Intellectual Property:
     -----------------------------------

     3.1.1  Newco shall own the Newco Intellectual Property.

     3.1.2  Elan shall own the Elan Intellectual Property.

3.2  Trademarks:
     -----------

     3.2.1  Elan hereby grants to Newco for the Term a [...***...] license to
            use the Elan Trademarks solely to make, have made, import, use,
            offer for sale and sell the Products in the Field in the Territory
            and the following provisions shall apply as regards the license of
            the Elan Trademarks by Elan to Newco hereunder:

            3.2.1.1  Newco shall ensure that each reference to and use of an
                     Elan Trademark by Newco is in a manner approved by Elan and
                     accompanied by an acknowledgement, in a form approved by
                     Elan, that the same is a trademark (or registered
                     trademark) of Elan.

                     From time to time, upon the reasonable request of Elan,
                     Newco shall submit samples of the Product to Elan or its
                     duly appointed agent to ensure compliance with quality
                     standards and specifications. Elan, or its duly appointed
                     agent, shall have the right to inspect the premises of
                     Newco where the Product is manufactured, held or stored,
                     and Newco shall permit such inspection, upon advance notice
                     at any reasonable time, of the methods and procedures used
                     in the manufacture, storage and sale of the Product. Newco
                     shall not sell or otherwise dispose of any Product under
                     the Elan Trademarks that fails to comply with the quality
                     standards and specifications referred to in this Clause
                     3.2, as determined by Elan.

            3.2.1.2  Newco shall not use an Elan Trademark in any way which
                     might materially prejudice its distinctiveness or validity
                     or the goodwill of Elan therein.

            3.2.1.3  The Parties recognize that the Elan Trademarks have
                     considerable goodwill associated therewith. Newco shall not
                     use in relation to the

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                     Products any trademarks other than the Elan Trademarks,
                     except the SafeScience Trademarks (as such term is defined
                     in the SafeScience License Agreement) licensed to Newco
                     under the SafeScience License Agreement, without obtaining
                     the prior consent in writing of Elan, which consent may not
                     be unreasonably withheld. However, such use shall not
                     conflict with the use and display of the Elan Trademark and
                     such use and display shall require the prior written
                     approval of Elan.

            3.2.1.4  Newco shall not use in the Territory any trademarks or
                     trade names so resembling the Elan Trademark as to be
                     likely to cause confusion or deception.

            3.2.1.5  Newco shall promptly notify Elan in writing of any alleged
                     infringement or unauthorized use of which it becomes aware
                     by a third party of the Elan Trademarks and provide Elan
                     with any applicable evidence of infringement or
                     unauthorized use.

            3.2.1.6  Newco shall favorably consider promoting and using the Elan
                     Trademarks in each country of the Territory and provide
                     proof of such use upon request by Elan.

            3.2.1.7  Newco shall not be permitted to assign or sublicense any of
                     its rights under the Elan Trademarks without the prior
                     written consent of Elan.

     3.2.2  Elan may, at its sole discretion [...***...] file and prosecute
            applications to register and maintain registrations of the Elan
            Trademarks in the Territory. Newco shall reasonably co-operate with
            Elan in such efforts. Upon the reasonable request of Newco, Elan
            shall provide registration information, including classifications,
            for each country where the Elan Trademark has been registered.

     3.2.3  Elan will be entitled to conduct all enforcement proceedings
            relating to the Elan Trademarks and shall at its sole discretion
            decide what action, if any, to take in respect to any enforcement
            proceedings of the Elan Trademarks or any other claim or counter-
            claim brought in respect to the use or registration of the Elan
            Trademarks. Any such proceedings shall be conducted [...***...] for
            its own benefit. Newco and SafeScience shall reasonably co-operate
            with Elan in such efforts.

     3.2.4  Newco shall promptly notify Elan in writing in the event that any
            Elan Trademark has been challenged, or is threatened to be
            challenged in writing, by a third party in a judicial or
            administrative proceeding in a country in the Territory as
            infringing on the rights of a third party and Elan shall have the
            first right to decide whether or not to defend such allegations, or
            to adopt an alternative mark. If Elan

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            decides not defend the Elan Trademark, then Newco may request Elan
            to defend the Elan Trademark, [...***...] unless such requested
            defense is believed by Elan to be unsubstantiated and without merit.
            In such a case, Elan may elect not to initiate defense proceedings.

     3.2.5  Newco will have no ownership rights in respect of the Elan
            Trademarks or of the goodwill associated therewith, and Newco hereby
            acknowledges that, except as expressly provided in this Agreement,
            it shall not acquire any rights in respect thereof and that all such
            rights and goodwill are, and will remain, vested in Elan.

     3.2.6  Nothing in this Agreement shall be construed as a warranty on the
     -----
            part of Elan regarding the Elan Trademarks, including without
            limitation, that use of the Elan Trademarks in the Territory will
            not infringe the rights of any third parties. Accordingly, Newco
            acknowledges and agrees that Elan makes no such warranty.

     3.2.7  Neither Elan nor Elan Corp assume liability to Newco, SafeScience,
            or to any third parties with respect to the quality, performance or
            characteristics of any of the goods manufactured or sold by Newco
            under the Elan Trademarks pursuant to this Agreement.

4  [...***...]

[...***...]

5    FINANCIAL PROVISIONS

5.1  License Fee: In consideration of the license to Newco of the Elan Patents
     -----------
     under Clause 2.1, Newco shall pay to Elan Corp a non-refundable license fee
     of $15 million in cash (the "License Fee"), the receipt of which is hereby
     acknowledged by Elan Corp.

     The License Fee shall not be subject to future performance obligations of
     Elan to Newco or SafeScience and shall not be applicable against future
     services provided by Elan to Newco or SafeScience.

     The terms of this Clause 5.1 relating to the License Fee are independent
     and distinct from the other terms of this Agreement.

5.2  Royalties: Prior to the commercialization of the Product, the Steering
     ---------
     Committee shall consider and if appropriate, determine reasonable royalties
     with respect to the commercialization of the Product by Newco that shall be
     payable by Newco to Elan Corp and SafeScience, [...***...].

     At such time, the Steering Committee will agree on an appropriate
     definition of "Net

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     Sales" as such term is used in this Agreement.

     The provisions set forth in Clauses 5.2 to 5.8 and Clause 6 relate to the
     payment of any royalties which the Steering Committee may determine to be
     payable by Newco to Elan under this Agreement.

5.3  Payment of royalties pursuant to Clause 5.2 shall be made quarterly in
     arrears during each Financial Year within 30 days after the expiry of the
     calendar quarter. The method of payment shall be by wire transfer to an
     account specified by Elan Corp. Each payment made to Elan Corp shall be
     accompanied by a true accounting of all Products sold by Newco or Newco's
     permitted sublicensees, if any, during such quarter.

     Such accounting shall show, on a country-by-country and Product-by-Product
     basis, Net Sales (and the calculation thereof) and each calculation of
     royalties with respect thereto, including the calculation of all
     adjustments and currency conversions.

5.4  During the Term and for a period of five (5) years thereafter, Newco shall
     maintain and keep clear, detailed, complete, accurate and separate records.
     All costs and expenses incurred with respect to maintenance of such records
     shall be borne by Newco for up to a period of three (3) years, from the
     date such records are created, and thereafter, such costs and expenses
     shall be borne solely by SafeScience:

     5.4.1  to enable any royalties on Net Sales that shall have accrued
            hereunder to be determined; and

     5.4.2  to enable any deductions made in the Net Sales calculation to be
            determined.

5.5  All payments due hereunder shall be made in United States Dollars. Payments
     due on Net Sales of any Product for each calendar quarter made in a
     currency other than United States Dollars shall first be calculated in the
     foreign currency and then converted to United States Dollars on the basis
     of the exchange rate in effect on the last working day for such quarter for
     the purchase of United States Dollars with such foreign currency quoted in
     the Wall Street Journal (or comparable publication if not quoted in the
     Wall Street Journal).

5.6  If, at any time, legal restrictions in the Territory prevent the prompt
     payment when due of royalties or any portion thereof, the Parties shall
     meet to discuss suitable and reasonable alternative methods of paying Elan
     Corp the amount of such royalties. In the event that Newco is prevented
     from making any payment under this Agreement by virtue of the statutes,
     laws, codes or government regulations of the country from which the payment
     is to be made, then such payments may be paid by depositing them in the
     currency in which they accrue to Elan Corp's account in a bank acceptable
     to Elan Corp in the country the currency of which is involved, or as
     otherwise agreed by the Parties.

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5.7  Elan, SafeScience and Newco agree to co-operate in all respects necessary
     to take advantage of any double taxation agreements or similar agreements
     as may, from time to time, be available.

5.8  Any taxes payable by Elan Corp on any payment made to Elan Corp pursuant to
     this Agreement shall be for the account of Elan Corp. If so required by
     applicable law, any payment made pursuant to this Agreement shall be made
     by Newco after deduction of the appropriate withholding tax, in which event
     the Parties shall co-operate to obtain the appropriate tax clearance as
     soon as is practicable. On receipt of such clearance, Newco shall forthwith
     arrange payment to Elan Corp of the amount so withheld.

6    RIGHT OF INSPECTION AND AUDIT

6.1  Once during each Financial Year, or more often not to exceed quarterly as
     reasonably requested by Elan, Newco shall permit Elan or its duly
     authorized representatives, upon reasonable notice and at any reasonable
     time during normal business hours, to have access to inspect and audit the
     accounts and records of Newco and any other book, record, voucher, receipt
     or invoice relating to the calculation of the royalty payments on Net
     Sales.

     Any such inspection of Newco's records shall be at the expense of Elan,
     except that if any such inspection reveals a deficiency in the amount of
     the royalty actually paid to Elan Corp hereunder in any Financial Year
     quarter of [...***...] or more of the amount of any royalty actually due to
     Elan Corp hereunder, then the expense of such inspection shall be borne
     solely by Newco.  Newco shall promptly pay to Elan Corp any amount of
     deficiency.

     If such inspection reveals a surplus in the amount of royalties actually
     paid to Elan Corp by Newco, Elan Corp shall reimburse Newco the surplus
     within 15 days after determination.

6.2  In the event of any unresolved dispute regarding any alleged deficiency or
     overpayment of royalty payments hereunder, the matter will be referred to
     an independent firm of chartered accountants chosen by agreement of
     SafeScience and EIS for a resolution of such dispute. Any decision by the
     said firm of chartered accountants shall be binding on the Parties.

7    REPRESENTATIONS AND WARRANTIES

7.1  Elan represents and warrants to Newco and SafeScience, as of the Effective
     Date, with respect to the Compound as it relates to the Elan Intellectual
     Property, as follows:

     7.1.1  Elan has the right to grant the Elan License;

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     7.1.2  there are no agreements between Elan and any third party that
            conflict with the Elan License;

     7.1.3  [...***...]; and

     7.1.4  [...***...].

7.2  Except to the extent Newco shall have the obligation to indemnify Elan
     pursuant to Clause 7.3 hereof and SafeScience and Elan pursuant to Clause
     10 of the JDOA, in addition to any other indemnities provided for herein,
     Elan shall indemnify and hold harmless Newco and its Affiliates and their
     respective employees, agents, officers and directors from and against any
     claims, losses, liabilities or damages (including reasonable attorney's
     fees and expenses) incurred or sustained by Newco arising out of or in
     connection with any:

     7.2.1  breach of any representation, covenant, warranty or obligation by
            Elan hereunder; or

     7.2.2  negligent act or omission on the part of Elan or any of its
            employees, agents, officers or directors in the performance of this
            Agreement.

7.3  In addition to any other indemnities provided for herein, Newco shall
     indemnify and hold harmless Elan and its Affiliates and their respective
     employees, agents, officers and directors from and against any claims,
     losses, liabilities or damages (including reasonable attorney's fees and
     expenses) incurred or sustained by Elan arising out of or in connection
     with any:

     7.3.1  breach of any representation, covenant, warranty or obligation by
            Newco hereunder; or

     7.3.2  negligent act or omission on the part of Newco or any of its
            employees, agents, officers or directors in the performance of this
            Agreement.

7.4  A party to this Agreement seeking an indemnity (the "Indemnified Party"),
     pursuant to this Clause 7, shall:

     7.4.1  fully and promptly notify the Party responsible for indemnifying
            such Indemnified Party (the "Indemnifying Party") of any claim or
            proceeding, or threatened claim or proceeding;

     7.4.2  permit the Indemnifying Party to take full care and control of such
            claim or proceeding;

     7.4.3  co-operate in the investigation and defense of such claim or
            proceeding;

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     7.4.4  not compromise or otherwise settle any such claim or proceeding
            without the prior written consent of the Indemnifying Party, which
            consent shall not be unreasonably withheld or delayed; and

     7.4.5  take all reasonable steps to mitigate any loss or liability in
            respect of any such claim or proceeding.

7.5  EXCEPT AS SET FORTH IN THIS CLAUSE 7, ELAN IS GRANTING THE ELAN LICENSE
     HEREUNDER ON AN "AS IS" BASIS WITHOUT REPRESENTATION OR WARRANTY WHETHER
     EXPRESS OR IMPLIED INCLUDING WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
     PARTICULAR PURPOSE, OR INFRINGEMENT OF THIRD PARTY RIGHTS, AND ALL SUCH
     WARRANTIES ARE EXPRESSLY DISCLAIMED.

7.6  NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, ELAN AND NEWCO
     SHALL NOT BE LIABLE TO THE OTHER BY REASON OF ANY REPRESENTATION OR
     WARRANTY, CONDITION OR OTHER TERM OR ANY DUTY OF COMMON LAW, OR UNDER THE
     EXPRESS TERMS OF THIS AGREEMENT, FOR ANY CONSEQUENTIAL, SPECIAL OR
     INCIDENTAL OR PUNITIVE LOSS OR DAMAGE (WHETHER FOR LOSS OF CURRENT OR
     FUTURE PROFITS, LOSS OF ENTERPRISE VALUE OR OTHERWISE) AND WHETHER
     OCCASIONED BY THE NEGLIGENCE OF THE RESPECTIVE PARTIES, THEIR EMPLOYEES OR
     AGENTS OR OTHERWISE.

8    TERM AND TERMINATION

8.1  The term of this Agreement shall commence as of the Effective Date and
     shall, subject to the rights of termination outlined in this Clause 8 and
     to the provisions of applicable laws, expire on the last to occur of:

     8.1.1  the date of expiration or lapse of the last to expire or lapse of
            patent rights within the Elan Intellectual Property and the
            SafeScience Intellectual Property in the Territory; or

     8.1.2  the date which is [...***...] years following the date of the first
            commercial sale of a Product in the Territory provided, however,
            that neither Elan nor SafeScience shall be obligated to license the
            Elan Intellectual Property or the SafeScience Intellectual Property,
            respectively, beyond any period in which Elan or SafeScience has
            rights to such intellectual property pursuant to any agreement
            between Elan or SafeScience and their respective licensors as such
            agreements are in effect as of the Effective Date.

                                       15
<PAGE>

     (the "Term").

8.2  If either Party commits a Relevant Event, the other Party shall have, in
     addition to all other legal and equitable rights and remedies hereunder,
     the right to terminate this Agreement upon 30 days' prior written notice to
     the defaulting Party.

8.3  For the purpose of this Clause 8, a "Relevant Event" is committed by a
     Party if:

     8.3.1  such Party commits a material breach of its representations,
            warranties or obligations under this Agreement or the JDOA and fails
            to cure it within 60 days of being specifically required in writing
            to do so by the other Party; provided, that if the breaching Party
            has proposed a course of action to cure the breach and is acting in
            good faith to cure same but has not cured the breach by the 60th
            day, such period shall be extended by such period as is reasonably
            necessary to permit the breach to be cured, provided that such
            period shall not be extended by more than 90 days, unless otherwise
            agreed in writing by the Parties;

     8.3.2  a distress, execution, sequestration or other process is levied or
            enforced upon or sued out against a material part of its property
            which is not discharged within 30 days;

     8.3.3  it is unable to pay its debts in the normal course of business;

     8.3.4  it ceases wholly or substantially to carry on its business,
            otherwise than for the purpose of a reconstruction or amalgamation,
            without the prior written consent of the other Party (such consent
            not to be unreasonably withheld);

     8.3.5  the appointment of a liquidator, receiver, administrator, examiner,
            trustee or similar officer of such Party or over all or
            substantially all of its assets under the law of any applicable
            jurisdiction, including without limitation, the United States of
            America, Bermuda or Ireland; or

     8.3.6  an application or petition for bankruptcy, corporate re-
            organization, composition, administration, examination, arrangement
            or any other procedure similar to any of the foregoing under the law
            of any applicable jurisdiction, including without limitation, the
            United States of America, Bermuda or Ireland, is filed, and is not
            discharged within 60 days, or a Party applies for or consents to the
            appointment of a receiver, administrator, examiner or similar
            officer of it or of all or a material part of its assets, rights or
            revenues.

8.4  Elan shall be entitled to forthwith terminate this Agreement by notice in
     writing to SafeScience in the event of a Change of Control of
     SafeScience/Newco, provided that the foregoing right shall not be triggered
     by the exercise by Elan of any options granted by the Definitive Documents.

                                      16
<PAGE>

     SafeScience and Newco shall promptly notify Elan in writing of the
     occurrence of a Change of Control of SafeScience/Newco.

8.5  Upon expiration or termination of the Agreement:

     8.5.1  any sums that were due from Newco to Elan on Net Sales in any part
            of the Territory shall be paid in full within 60 days;

     8.5.2  any provisions that expressly survive termination or expiration of
            this Agreement, including without limitation this Clause 8, shall
            remain in full force and effect;

     8.5.3  all representations, warranties and indemnities shall insofar as are
            appropriate remain in full force and effect;

     8.5.4  the rights of inspection and audit set out in Clause 6 shall
            continue in force for a period of one year;

     8.5.5  subject to Clause 8.5.7, all rights and licenses granted to Newco
            pursuant to this Agreement and to the Elan Intellectual Property
            pursuant to the JDOA (including the rights of Newco pursuant to
            Clause 11 of the JDOA) shall cease for the Territory and shall
            revert to or be transferred to Elan, and Newco shall not thereafter
            use in the Territory any rights covered by this Agreement;

     8.5.6  subject to any license granted by Newco to Elan, if any, or granted
            by Newco to SafeScience, if any, pursuant to the provisions of
            Clause 11.3 of the JDOA, all rights to Newco Intellectual Property
            shall be assigned to and jointly owned by SafeScience and Elan and
            may be exploited by both Elan and SafeScience separately provided
            that Elan and SafeScience shall co-operate reasonably in the
            prosecution and maintenance of patents within the Newco Intellectual
            Property and provided further that nothing hereunder shall grant, or
            be construed to grant, a license to Elan under the SafeScience
            Intellectual Property; and

     8.5.7  the rights of permitted third party sub-licensees in and to the Elan
            Intellectual Property shall survive the termination of this
            Agreement; and Newco, Elan and SafeScience shall in good faith agree
            upon the form most advantageous to Elan and SafeScience in which the
            rights of Newco under any such licenses and sublicenses are to be
            held (which form may include continuation of Newco solely as the
            holder of such licenses or assignment of such rights to a third
            party or parties, including an assignment to both Elan and
            SafeScience).

            Any sublicense agreement between Newco and such permitted
            sublicensee shall, inter alia, permit such an assignment of rights
            by Newco to Elan and shall contain appropriate confidentiality
            provisions.

                                       17
<PAGE>

9    CONFIDENTIAL INFORMATION

9.1  The Parties agree that it will be necessary, from time to time, to disclose
     to each other confidential and proprietary information, including without
     limitation, inventions, works of authorship, trade secrets, specifications,
     designs, data, know-how and other proprietary information relating to the
     Field, the Products, processes, services and business of the disclosing
     Party.

     The foregoing shall be referred to collectively as "Confidential
     Information".

9.2  Any Confidential Information disclosed by the disclosing Party shall be
     used by the receiving Party exclusively for the purposes of fulfilling the
     receiving Party's obligations under this Agreement and for no other
     purpose.

9.3  Save as otherwise specifically provided herein, each Party shall disclose
     Confidential Information of the other Party only to those employees,
     representatives and agents requiring knowledge thereof in connection with
     fulfilling the Party's obligations under this Agreement. Each Party further
     agrees to inform all such employees, representatives and agents of the
     terms and provisions of this Agreement relating to Confidential Information
     and their duties hereunder and to obtain their agreement hereto as a
     condition of receiving Confidential Information. Each Party shall exercise
     the same standard of care as it would itself exercise in relation to its
     own confidential information (but in no event less than a reasonable
     standard of care) to protect and preserve the proprietary and confidential
     nature of the Confidential Information disclosed to it by the other Party.
     Each Party shall promptly, upon request of the other Party, return all
     documents and any copies thereof containing Confidential Information
     belonging to, or disclosed by, such other Party.

9.4  Any breach of this Clause 9 by any person informed by one of the Parties is
     considered a breach by the Party itself.

9.5  Confidential Information shall be deemed not to include:

     9.5.1  information which is in the public domain;

     9.5.2  information which is made public through no breach of this
            Agreement;

     9.5.3  information which is independently developed by a Party, as
            evidenced by such Party's records;

     9.5.4  information that becomes available to a receiving Party on a non-
            confidential basis, whether directly or indirectly, from a source
            other than another Party

                                       18
<PAGE>

            hereto, which source did not acquire this information on a
            confidential basis.

9.6  The receiving Party will be entitled to disclose Confidential Information
     which the receiving Party is required to disclose pursuant to:

     9.6.1  a valid order of a court or other governmental body; or

     9.6.2  any other requirement of law;

     provided that if the receiving Party becomes legally required to disclose
     any Confidential Information hereunder, the receiving Party shall give the
     disclosing Party prompt notice of such fact to enable the disclosing Party
     to seek a protective order or other appropriate remedy concerning any such
     disclosure.  The receiving Party shall fully co-operate with the disclosing
     Party in connection with the disclosing Party's efforts to obtain any such
     order or other remedy.  If any such order or other remedy does not fully
     preclude disclosure, the receiving Party shall make such disclosure only to
     the extent that such disclosure is legally required.

9.7  The provisions relating to confidentiality in this Clause 9 shall remain in
     effect during the term of this Agreement, and for a period of 7 years
     following the expiration or earlier termination of this Agreement.

9.8  The Parties agree that the obligations of this Clause 9 are necessary and
     reasonable in order to protect the Parties' respective businesses, and each
     Party agrees that monetary damages would be inadequate to compensate a
     Party for any breach by the other Party of its covenants and agreements set
     forth herein.

     The Parties agree that any such violation or threatened violation shall
     cause irreparable injury to a Party and that, in addition to any other
     remedies that may be available, in law and equity or otherwise, each Party
     shall be entitled to seek injunctive relief against the threatened breach
     of the provisions of this Clause 9, or a continuation of any such breach by
     the other Party, specific performance and other equitable relief to redress
     such breach together with damages and reasonable counsel fees and expenses
     to enforce its rights hereunder.

10   GOVERNING LAW AND JURISDICTION

10.1 This Agreement shall be governed by and construed in accordance with the
     laws of the State of New York.

10.2 The Parties will attempt in good faith to resolve any dispute arising out
     of or relating to this Agreement promptly by negotiation between executives
     of the Parties.

     In the event that such negotiations do not result in a mutually acceptable
     resolution

                                       19
<PAGE>

     within 60 days of the commencement of such negotiations, the Parties agree
     to consider other dispute resolution mechanisms including mediation.

     In the event that the Parties fail to agree on a mutually acceptable
     dispute resolution mechanism within 10 days of either Party's demand for
     such alternative dispute resolution hereunder, or in the event that the
     dispute is not resolved pursuant to any dispute resolution mechanism agreed
     by the Parties within 6 months, save as otherwise agreed by the Parties,
     any such dispute shall be finally settled by the courts of competent
     jurisdiction.  For the purposes of this Agreement the parties submit to the
     exclusive jurisdiction of the courts of the State and Federal Courts
     located in the State, City and County of New York.

11   IMPOSSIBILITY OF PERFORMANCE - FORCE MAJEURE

     Neither Elan nor Newco shall be liable for delay in the performance of any
     of its obligations hereunder if such delay results from causes beyond its
     reasonable control, including, without limitation, acts of God, strikes,
     acts of war, intervention of a government authority, but any such delay or
     failure shall be remedied by such Party as soon as practicable.

12   ASSIGNMENT

     This Agreement may not be assigned by either Party without the prior
     written consent of the other, save that either Party may assign this
     Agreement to its Affiliates or subsidiaries without such prior written
     consent; provided that such assignment does not have any adverse tax
     consequences on the other Party.

13   NOTICES

13.1 Any notice to be given under this Agreement shall be sent in writing in
     English by registered or recorded delivery post or reputable overnight
     courier or telefaxed to the following addresses:

     If to Newco at:

     Clarendon House,
     2 Church St,
     Hamilton,
     Bermuda.
     Attention: Secretary
     Telephone: 441 292 9169

                                       20
<PAGE>

     Fax:  441 292 2224

     with a copy to SafeScience at:

     Park Square Building
     31 St. James Avenue, 8th Floor
     Boston, MA 02116
     USA

     Attention: President
     Telephone  (617) 422-0674
     Fax:       (617) 422-0675

     with a copy to:

     McDermott, Will & Emery
     50 Rockefeller Plaza
     New York, New York 10020-1605

     Attention: Cheryl V. Reicin
     Telephone  (212) 547-5400
     Fax:       (212) 547-5444

     If to Elan at:

     c/o Elan International Services, Ltd.,
     102 St. James Court,
     Flatts, Smiths FL04,
     Bermuda.

     Attention: President
     Telephone: 441-292-9169
     Fax:       441-292-2224

     or to such other address(es) and telefax numbers as may from time to time
     be notified by either Party to the other hereunder in the manner set forth
     in Clause 13.2.

13.2 Any notice sent by mail shall be deemed to have been delivered within 7
     working days after dispatch or delivery to the relevant courier and any
     notice sent by telefax shall be deemed to have been delivered upon
     confirmation of receipt.  Notice of change of address shall be effective
     upon receipt.  Notices by telefax shall also be sent by another method
     permitted hereunder.

                                       21
<PAGE>

14   MISCELLANEOUS

14.1 Waiver:
     -------

     No waiver of any right under this Agreement shall be deemed effective
     unless contained in a written document signed by the Party charged with
     such waiver, and no waiver of any breach or failure to perform shall be
     deemed to be a waiver of any other breach or failure to perform or of any
     other right arising under this Agreement.

14.2 Severability:
     -------------

     If any provision in this Agreement is deemed to be invalid, illegal, void
     or unenforceable under any law that is applicable hereto:

     14.2.1  such provision will be deemed amended to conform to applicable laws
             so as to be valid and enforceable; or

     14.2.2  if it cannot be so amended without materially altering the
             intention of the Parties, it will be deleted and the validity,
             legality and enforceability of the remaining provisions of this
             Agreement shall not be impaired or affected in any way.

14.3 Further Assurances:
     -------------------

     At the request of any Party to this Agreement, the other Party shall (and
     shall use reasonable efforts to procure that any other necessary parties
     shall) execute and perform all such documents, acts and things as may
     reasonably be required subsequent to the signing of this Agreement for
     assuring to or vesting in the requesting Party the full benefit of the
     terms hereof.

14.4 Successors:
     -----------

     This Agreement shall be binding upon and enure to the benefit of the
     Parties hereto, their successors and permitted assigns.

14.5 No Effect on Other Agreements/Conflict:
     ---------------------------------------

     No provision of this Agreement shall be construed so as to negate, modify
     or affect in any way the provisions of any other agreement between the
     Parties unless specifically referred to, and solely to the extent provided
     herein.

     In the event of a conflict between the provisions of this Agreement and the
     provisions of the JDOA, the terms of the JDOA shall prevail unless this
     Agreement specifically provides otherwise.

                                       22
<PAGE>

14.6  Amendments:
      -----------

      No amendment, modification or addition hereto shall be effective or
      binding on any Party unless set forth in writing and executed by a duly
      authorized representative of each Party.

14.7  Counterparts:
      -------------

      This Agreement may be executed in any number of counterparts, each of
      which when so executed shall be deemed to be an original and all of which
      when taken together shall constitute this Agreement.

14.8  Good Faith:
      -----------

      Each Party undertakes to act reasonably in giving effect to the provisions
      of this Agreement.

14.9  No Reliance:
      ------------

      Each Party hereby acknowledges that in entering into this Agreement it has
      not relied on any representation or warranty save as expressly set out
      herein or in any document referred to herein.

14.10 Relationship of the Parties:
      ----------------------------

      Nothing contained in this Agreement is intended or is to be construed to
      constitute Elan and Newco as partners, or Elan as an employee of Newco, or
      Newco as an employee of Elan.

      Neither Party hereto shall have any express or implied right or authority
      to assume or create any obligations on behalf of or in the name of the
      other Party or to bind the other Party to any contract, agreement or
      undertaking with any third party.

14.11 Whole Agreement:
      ----------------

      This Agreement (including the Schedules attached hereto) and the
      Definitive Documents set forth all of the agreements and understandings
      between the Parties with respect to the subject matter hereof, and
      supersede and terminate all prior agreements and understandings between
      the Parties with respect to the subject matter hereof. There are no
      agreements or understandings with respect to the subject matter hereof,
      either oral or written, between the Parties other than as set forth in
      this Agreement and the Definitive Documents.

                                       23
<PAGE>

                                  Schedule 1
                                  ----------

                             Structure of Compound
                             ---------------------

                                  [...***...]

                                       24
<PAGE>

                                  Schedule 2
                                  ----------

                                 Elan Patents
                                 ------------

                                  [...***...]

                                       25
<PAGE>

                                  Schedule 3
                                  ----------

                       Technological Competitors of Elan
                       ---------------------------------

                                  [...***...]

                                       26
<PAGE>

IN WITNESS WHEREOF the Parties hereto have executed this Agreement.

    SIGNED

BY   /s/ Colin Sainsbury
    --------------------------
    For and on behalf of
    Elan Corporation, plc

    SIGNED

BY   /s/ Kevin Insley
    --------------------------
    For and on behalf of
    SafeScience Newco, Ltd.

    AGREED TO AND ACCEPTED

BY   /s/ Bradley J. Carver
    --------------------------
    SafeScience, Inc.

                                       27<PAGE>

                                                                    EXHIBIT 10.5

                               SAFESCIENCE, INC.
                         REGISTRATION RIGHTS AGREEMENT
                         -----------------------------

          THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made as of
                                                   ---------
June 29, 2001 by and between SafeScience, Inc., a Nevada corporation (the
"Company"), and Elan International Services, Ltd., a Bermuda exempted limited
 -------
liability company ("EIS").
                    ---

                               R E C I T A L S:

          A.  Pursuant to a Securities Purchase Agreement dated as of the date
hereof by and between the Company and EIS (as amended at any time, the "Purchase
                                                                        --------
Agreement"), EIS has acquired, or may acquire in the future, (a) certain shares
---------
of Series A Preferred Stock, par value U.S.$.01 per share, of the Company (the
"Series A Preferred Stock") convertible into shares of common stock, par value
 ------------------------
U.S.$.01 per share, of the Company (the "Common Stock"), (b) certain shares of
                                         ------------
Series B Preferred Stock, par value U.S.$.01 per share, of the Company (the
"Series B Preferred Stock") convertible into shares of Common Stock, (c) certain
 ------------------------
shares of Series C Preferred Stock, par value U.S.$.01 per share, of the Company
(the "Series C Preferred Stock," together with the Series A Preferred Stock and
      ------------------------
the Series B Preferred Stock, the "Preferred Stock") convertible into shares of
Common Stock, (d) certain shares of Common Stock and (e) warrants (the
"Warrants") to purchase certain shares of Common Stock.  The Preferred Stock,
 --------
the Common Stock and the Warrants collectively are referred to herein as the
"Securities".
 ----------

          B.  The execution of the Purchase Agreement has occurred on the date
hereof and it is a condition to the closing of the transactions contemplated
thereby that the parties execute and deliver this Agreement.

          C.  The parties desire to set forth herein their agreement on the
terms and subject to the conditions set forth herein related to the granting of
certain registration rights to the Holders (as defined below) relating to the
Common Stock held and the Common Stock issuable upon conversion or exercise of
the Securities, as applicable, by such Holders.

                              A G R E E M E N T:

          The parties hereto agree as follows:

     1.   Certain Definitions.  As used in this Agreement, the following terms
          -------------------
shall have the following respective meanings:

          "Commission" shall mean the U.S. Securities and Exchange Commission.
           ----------

          "Exchange Act" shall mean the U.S. Securities Exchange Act of 1934, as
           ------------
amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect from time to time.
<PAGE>

          "Holders" or "Holders of Registrable Securities" shall mean EIS and
           -------      ---------------------------------
any Person who shall have acquired Registrable Securities from EIS as permitted
herein, either individually or jointly, as the case may be, in a transaction
pursuant to which registration rights are transferred pursuant to Section 10
hereof.

          "Person" shall mean an individual, a partnership, a corporation, a
           ------
limited liability company, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization or a governmental or quasi-
governmental entity, or any department, agency or political subdivision thereof
or any other entity of any kind.

          "Registrable Securities" means (i) any shares of Common Stock acquired
           ----------------------
pursuant to the Purchase Agreement; (ii) any shares of Common Stock issued or
issuable upon conversion or exercise of any of the Securities, as the case may
be; and (iii) any shares of Common Stock issued or issuable in respect of the
securities referred to in clauses (i) and (ii) above, upon any stock split,
stock dividend, recapitalization, anti-dilution adjustment, or otherwise, until,
in the case of any such security, it is (A) sold pursuant to an effective
registration statement under the Securities Act; (B) eligible to be sold into
the public market without regard to volume limitations under Rule 144(k)
promulgated under the Securities Act (or any successor rule); (C) sold pursuant
to Rule 144 under the Securities Act (or any successor rule); or (D) sold by a
Person in a transaction in which registration rights are not transferred
pursuant to Section 10 hereof.  Whenever a number or percentage of Registrable
Securities is to be determined pursuant to this Agreement, each then outstanding
Security that is convertible into or exercisable for shares of Common Stock will
be deemed to be equal to the number of shares of Common Stock for which such
Security is then so convertible or exercisable.

          The terms "register," "registered" and "registration" refer to a
                     --------    ----------       ------------
registration effected by preparing, filing and having declared effective a
registration statement in compliance with the Securities Act.

          "Registration Expenses" shall mean (i) all expenses, other than
           ---------------------
Selling Expenses (defined below), incurred by the Company in complying with
Sections 2 or 3 hereof, including without limitation, all registration,
qualification and filing fees, exchange or quotation medium listing fees,
printing and delivery expenses, escrow and custodian fees, fees and
disbursements of counsel for the Company, blue sky fees and expenses and the
expenses of accountants for the Company including the expenses of any special
audits incident to or required by any such registration and (ii) the reasonable
fees and disbursements of one counsel chosen by the holders of a majority of the
Registrable Securities included in such registration for the purpose of
rendering a legal opinion on behalf of such holders in connection with any
Demand Registration or Piggyback Registration.

          "Securities Act" shall mean the U.S. Securities Act of 1933, as
           --------------
amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect from time to time.

          "Selling Expenses" shall mean all underwriting discounts, selling
           ----------------
commissions and stock transfer taxes and the costs, fees and expenses of any
accountants, attorneys (other than

                                       2
<PAGE>

the cost, fees and expenses of attorneys, which are Registration Expenses) or
other experts retained by the Holders.

     2.   Demand Registrations.
          --------------------

          (a)  Requests for Registration. As long as the Company is obligated to
               -------------------------
file reports with the Commission pursuant to Section 12 or Section 15(d) of the
Exchange Act, any Holder or Holders who collectively hold Registrable Securities
representing at least 20% of the Registrable Securities then outstanding shall
have the right (subject to the limitations set forth below), exercisable by
written notice to the Company (each a "Registration Request"), to have the
                                       --------------------
Company prepare and file with the Commission a registration statement under the
Securities Act covering the Registrable Securities that are the subject of such
request (each, a "Demand Registration").  The Holders shall have the right to
                  -------------------
one Demand Registration collectively.  Within 10 days after receipt of any such
request, the Company will give written notice of such requested registration to
all other Holders of Registrable Securities.  The Company shall include such
other Holders' Registrable Securities in such offering if they have responded
affirmatively within 10 days after the receipt of the Company's notice.

     A request for registration under this Section 2(a) will not count as a
Demand Registration until the registration statement has become effective and
remained effective until the earlier of 30 days and the sale of all securities
registered thereunder (unless such registration statement has not become
effective due solely to the actions or failure to act with respect to such
registration of the Holders requesting such registration, including a request by
such Holders that such registration be withdrawn).

          (b)  Priority on Demand Registrations.  If a Demand Registration is an
               --------------------------------
underwritten offering and the managing underwriters determine in good faith and
advise the Company in writing that in their opinion the number of Registrable
Securities and, if permitted hereunder, other securities requested to be
included in such offering, exceeds the number of Registrable Securities and
other securities, if any, which could be sold in such offering without adversely
affecting the marketability of the offering, the Company will include in such
registration:

          (i) first, the Registrable Securities requested to be included in such
     registration by the Holders (or, if necessary, such Registrable Securities
     pro rata among the Holders thereof based upon the number of Registrable
     --- ----
     Securities owned by each such Holder or such other arrangement agreed to
     among the Holders); and

          (ii) thereafter, other securities requested to be included in such
     registration, as determined by the Company.

If the managing underwriters have not limited the number of Registrable
Securities or other securities to be underwritten, the Company may include
securities for its own account in such registration if the managing underwriters
so agree and if the number of Registrable Securities and other securities which
would otherwise have been included in such registration and underwriting will
not thereby be limited. The Holders of any Registrable Securities to be included
in such an
                                       3
<PAGE>

underwritten offering shall enter into an underwriting agreement (which shall be
in customary form, may include agreements as to indemnification and contribution
and shall provide that the representations and warranties by the Company to and
for the benefit of such underwriters shall also be made to and for the benefit
of such Holders).

          (c) Restrictions on Demand Registration.  The Company may postpone or
              -----------------------------------
suspend, for up to 120 days in the aggregate in any 12-month period, the filing
or the effectiveness of a registration statement for a Demand Registration if
the Company's board of directors determines in good faith and notifies the
Holders in writing that such Demand Registration (i) would reasonably be
expected to have a material adverse effect on (x) any proposal or plan by the
Company to engage in any financing, acquisition or disposition of assets or
other plan outside the ordinary course of business or (y) any merger,
consolidation, tender offer or similar transaction, (ii) would require
disclosure of any information that the board of directors of the Company
determines in good faith the disclosure of which would be detrimental to the
Company or (iii) would require a special audit by the Company; provided, that in
                                                               --------
such event, the Holders initially requesting such Demand Registration shall be
entitled to withdraw such request and, if such request is withdrawn, such Demand
Registration will not count as a permitted Demand Registration hereunder and the
Company will pay any Registration Expenses in connection with such registration.

          (d) Selection of Investment Bankers and Managers.  The Company will
              --------------------------------------------
have the right, but not the obligation, to select the investment banker(s) and
manager(s) to administer an offering pursuant to the Demand Registration,
subject to the prior written approval of a majority of the Holders participating
in the offering, which will not be unreasonably withheld, delayed or
conditioned.

          (e) The Company represents that it is not a party to, or otherwise
subject to, any agreement, other than this Agreement or as set forth on Schedule
2(e) hereto, granting registration rights to any other Person with respect to
any securities of the Company.

     3.   Piggyback Registrations.
          -----------------------

          (a) Right to Piggyback.  If at any time the Company shall propose to
              ------------------
register shares of Common Stock under the Securities Act (other than in a
registration statement relating to solely to sales of securities to participants
in a Company dividend reinvestment plan, or Form S-4 or S-8 or any successor
form or in connection with an acquisition or exchange offer or an offering of
securities solely to the existing shareholders or employees of the Company), the
Company will (i) give prompt written notice to all Holders of Registrable
Securities of its intention to effect such a registration and (ii) subject to
Section 3(b) and the other terms of this Agreement, include in such registration
all Registrable Securities which are permitted under applicable securities laws
to be included in the form of registration statement selected by the Company and
with respect to which the Company has received written requests for inclusion
therein within 15 days after the receipt of the Company's notice (each, a
"Piggyback Registration").  The Holders will be permitted to withdraw all or any
 ----------------------
part of the Registrable Securities from a Piggyback Registration at any time
prior to the effective date of such Piggyback Registration.

                                       4
<PAGE>

          (b)   Priority on Piggyback Registrations. If a Piggyback Registration
                -----------------------------------
is to be an underwritten offering, and the managing investment bank advises the
Company in writing that in their opinion the number of securities requested to
be included in such registration exceeds the number which can be sold in such
offering without adversely affecting the marketability of the offering, the
Company will include in such registration:

          (i)   first, the securities the Company proposes to sell for its own
     account;

          (ii)  second, the Registrable Securities requested to be included in
     such registration by the Holders and any securities requested to be
     included in such registration by any other Person pursuant to a demand
     registration request, other than Persons having a lower priority of
     registration than the Holders, pro rata among the Holders of such
                                    --- ----
     Registrable Securities and such other Persons, on the basis of the number
     of securities requested to be included in such registration by each of such
     Holders and such other Persons; and

          (iii) thereafter, other securities requested to be included in such
     registration, as determined by the Company.

The Holders of any Registrable Securities to be included in an underwritten
offering shall enter into an underwriting agreement (which shall be in customary
form, may include agreements as to indemnification and contribution, and shall
provide that the representations and warranties by the Company to and for the
benefit of such underwriters shall also be made to and for the benefit of such
Holders).

          (c)   Right to Terminate Registration.  If at any time after giving
                -------------------------------
written notice of its intention to register any of its securities as set forth
in Section 3(a) and prior to the effective date of the registration statement
filed in connection with such registration, the Company shall determine for any
reason not to register such securities, the Company may, at its election, give
written notice of such determination to each Holder of Registrable Securities
and thereupon be relieved of its obligation to register any Registrable
Securities in connection with such registration (but not from its obligation to
pay the Registration Expenses in connection therewith as provided herein).

          (d)   Selection of Underwriters/Placement Agents. The Company will
                ------------------------------------------
have the right to select the investment banker(s) and manager(s) to administer
an offering pursuant to a Piggyback Registration, subject to the approval of the
Holders of a majority of the Registrable Securities participating in such
offering, which approval will not be unreasonably withheld, delayed or
conditioned.

     4.   Expenses of Registration.
          ------------------------

          Except as otherwise provided herein or as may otherwise be prohibited
by applicable law, all Registration Expenses incurred in connection with all
registrations pursuant to Sections 2 and 3 hereof shall be borne by the Company.
All Selling Expenses relating to

                                       5
<PAGE>

securities registered on behalf of the Holders of Registrable Securities shall
be borne by such Holders.

     5.   Holdback Agreements.
          -------------------

          (a) The Company agrees (i) not to effect any public sale or
distribution of its equity securities, or any securities convertible into or
exchangeable or exercisable for such securities, during the 10-day period prior
to, and during the 90-day period following, the effective date of any
underwritten Demand Registration or any underwritten Piggyback Registration
(except as part of such underwritten registration or pursuant to registration
statements on Form S-4 or Form S-8 or any successor form), unless the
underwriters managing the offering otherwise agree, and (ii) to use its best
efforts to cause its executive officers and directors and each holder of at
least 2% (on a fully-diluted basis) of its outstanding shares of Common Stock,
or any securities convertible into or exchangeable or exercisable for shares of
Common Stock, purchased from the Company at any time after the date of this
Agreement (other than in a registered public offering) to agree not to effect
any public sale or distribution (including sales pursuant to Rule 144) of any
such securities during such periods (except as part of such underwritten
registration, if otherwise permitted), unless the underwriters managing the
registered public offering otherwise agree; provided, that no executive officer,
                                            --------
director or such 2% stockholder shall be required to enter into more than one
such agreement in any 12-month period.

          (b) If requested by the managing underwriter(s) in an underwritten
offering of Common Stock or securities convertible for Common Stock of the
Company (including without limitation the Company's initial public offering of
Common Stock), each Holder agrees, unless such Holder is a participant in such
offering, not to effect any offer, sale, distribution or transfer, including a
sale pursuant to Rule 144 (or any similar provision then effect) under the
Securities Act (except as part of such underwritten registration), during the
10-day period prior to, and during the 90-day period in the case of any other
public offering of Common Stock (or , in each case, such shorter period as may
be agreed to in writing by the Company and the Holders of at least 50% of the
Registrable Securities) following, the effective date of such Registration
Statement; provided, that (i) no Holder shall be required to enter into more
           --------
than one such agreement in any 12-month period and (ii) no Holder shall be
required to enter into such an agreement unless all Persons holding at least 2%
(on a fully diluted basis) of the Company's outstanding shares of Common Stock,
purchased from the Company any time after the date of this Agreement (other than
that purchased in a registered public offering) and all executive officers and
directors of the Company shall also have agreed not to offer, sell, distribute a
transfer under the circumstances and pursuant to the terms set forth in this
Section 5(b).

     6.   Registration Procedures.
          -----------------------

          Whenever the Holders of Registrable Securities have requested that any
Registrable Securities be registered pursuant to this Agreement, the Company
will use its best efforts to effect the registration and the sale of such
Registrable Securities in accordance with the intended method or methods of
distribution thereof, and pursuant thereto the Company will under the time
frames provided herein, or if not so provided, as expeditiously as possible:

                                       6
<PAGE>

          (a) prepare and file with the Commission a registration statement on
     any appropriate form for which the Company qualifies with respect to such
     Registrable Securities and use its best efforts to cause such registration
     statement to become effective (provided that before filing a registration
                                    --------
     statement or prospectus or any amendments or supplements thereto, the
     Company will (i) furnish to the counsel selected by the Holders copies of
     all such documents proposed to be filed, which documents will be subject to
     the review of such counsel, and (ii) notify each Holder of Registrable
     Securities covered by such registration of any stop order issued or
     threatened by the Commission);

          (b) prepare and file with the Commission such amendments and
     supplements to such registration statement and the prospectus used in
     connection therewith as may be reasonably necessary to keep such
     registration statement effective for a period equal to the shorter of (i)
     nine months and (ii) the time by which all securities covered by such
     registration statement have been sold, and comply with the provisions of
     the Securities Act with respect to the disposition of all securities
     covered by such registration statement during such period in accordance
     with the intended methods of disposition by the sellers thereof set forth
     in such registration statement;

          (c) furnish to each seller of Registrable Securities such number of
     copies of such registration statement, each amendment and supplement
     thereto, the prospectus included in such registration statement (including
     each preliminary prospectus) and such other documents as such seller may
     reasonably request in order to facilitate the disposition of the
     Registrable Securities owned by such seller;

          (d) use all reasonable efforts to register or qualify such Registrable
     Securities under the securities or blue sky laws of such jurisdictions as
     any seller reasonably requests and do any and all other acts and things
     which may be reasonably necessary or advisable to enable such seller to
     consummate the disposition in such jurisdictions of the Registrable
     Securities owned by such seller (provided that the Company will not be
                                      --------
     required to (i) qualify generally to do business in any jurisdiction where
     it would not otherwise be required to qualify but for this Section 6(d),
     (ii) subject itself to taxation in any jurisdiction or (iii) take any
     action that would subject it to general service of process in any such
     jurisdiction);

          (e) promptly notify each seller of such Registrable Securities, at any
     time when a prospectus relating thereto is required to be delivered under
     the Securities Act, of the happening of any event as a result of which the
     prospectus included in such registration statement contains an untrue
     statement of a material fact or omits any material fact necessary to make
     the statements therein not misleading, and,  the Company will prepare and
     deliver to each Holder a supplement or amendment to such prospectus so
     that, as thereafter delivered to the purchasers of such Registrable
     Securities, such prospectus will not contain an untrue statement of a
     material fact or omit to state any material fact necessary to make the
     statements therein not misleading; provided, that the Company shall be
                                        --------
     required to notify the Holders, but shall not be required to amend the
     registration statement or supplement the prospectus for a period of up to
     three months if the board of directors determines in good faith that to do
     so would reasonably be expected

                                       7
<PAGE>

     to have a material adverse effect on any proposal or plan by the Company to
     engage in any financing, acquisition or disposition of assets (other than
     in the ordinary course of business) or any merger, consolidation, tender
     offer or similar transaction or would require the disclosure of any
     information that the board of directors determines in good faith the
     disclosure of which would be materially detrimental to the Company, it
     being understood that the period for which the Company is obligated to keep
     the Registration Statement effective shall be extended for a number of days
     equal to the number of days the Company delays amendments or supplements
     pursuant to this provision. Upon receipt of any notice pursuant to this
     Section 6(e), the Holders shall suspend all offers and sales of securities
     of the Company and all use of any prospectus until advised by the Company
     that offers and sales may resume, and shall keep confidential the fact and
     content of any notice given by the Company pursuant to this Section 6(e);

          (f) cause all such Registrable Securities to be listed on each
     securities exchange or quoted on Nasdaq or other quotation medium, if any,
     on which similar securities issued by the Company are then listed or
     quoted;

          (g) provide a transfer agent and registrar for all such Registrable
     Securities not later than the effective date of such registration
     statement;

          (h) enter into such customary agreements (including underwriting
     agreements in customary form) and take all such other actions as the
     Holders of a majority of the Registrable Securities being sold or the
     underwriters, if any, reasonably request in order to expedite or facilitate
     the disposition of such Registrable Securities (including effecting a stock
     split or a combination of shares);

          (i) make available for inspection by the Holders of Registrable
     Securities included in the registration statement, any underwriter
     participating in any disposition pursuant to such registration statement
     and any attorney, accountant or other agent retained by any such seller or
     underwriter, all pertinent financial and other records, pertinent corporate
     documents and properties of the Company, and cause the Company's officers,
     directors, employees and independent accountants to supply all information
     reasonably requested by any such seller, underwriter, attorney, accountant
     or agent in connection with such registration statement and participate in
     presentations to prospective purchasers as reasonably requested by any
     underwriter or placement agent;

          (j) otherwise use its best efforts to comply with all applicable rules
     and regulations of the Commission, and make available to its security
     holders, as soon as reasonably practicable, an earnings statement covering
     a period of at least 12 months beginning after the effective date of the
     registration statement, which earnings statement shall satisfy the
     provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

          (k) in the event of the issuance of any stop order suspending the
     effectiveness of a registration statement, or of any order suspending or
     preventing the use of any related prospectus or suspending the
     qualification of any shares of Common Stock included in

                                       8
<PAGE>

     such registration statement for sale in any jurisdiction, use its best
     efforts promptly to obtain the withdrawal of such order;

          (l)  obtain a so-called "cold comfort" letter from the Company's
     independent public accountants in customary form and covering such matters
     of the type customarily covered by cold comfort letters;

          (m)  use its best efforts to cause such Registrable Securities covered
     by such registration statement to be registered with or approved by such
     other governmental agencies or authorities as may be necessary to enable
     the sellers thereof to consummate the disposition of such Registrable
     Securities; and

          (n)  if any such registration or comparable statement refers to any
     Holder by name or otherwise as the holder of any securities of the Company
     and if in its sole and exclusive judgment, such Holder is or might be
     deemed to be an underwriter or a controlling person of the Company, such
     Holder shall have the right to require (i) the insertion therein of
     language, in form and substance satisfactory to such Holder and presented
     to the Company in writing, to the effect that the holding by such Holder of
     such securities is not to be construed as a recommendation by such Holder
     of the investment quality of the Company's securities covered thereby and
     that such holding does not imply that such Holder shall assist in meeting
     any future financial requirements of the Company, or (ii) in the event that
     such reference to such Holder by name or otherwise is not required by the
     Securities Act or any similar Federal statute then in force, the deletion
     of the reference to such Holder; provided that with respect to this clause
                                      --------
     (ii) such Holder shall (a) furnish to the Company an opinion of counsel to
     such effect, which opinion and counsel shall be reasonably satisfactory to
     the Company and (b) indemnify the Company against any loss or liability
     imposed upon and any reasonable expenses incurred by the Company as a
     result of such deletion.

     7.   Obligations of Holders.
          ----------------------

          Whenever the Holders of Registrable Securities sell any Registrable
Securities pursuant to a Demand Registration or a Piggyback Registration, such
Holders shall be obligated to comply with the applicable provisions of the
Securities Act, including the prospectus delivery requirements thereunder, and
any applicable state securities or blue sky laws.  In addition, each Holder of
Registrable Securities will be deemed to have agreed by virtue of its
acquisition of such Registrable Securities that, upon receipt of any notice
described in Section 6(e), such Holder will forthwith discontinue disposition of
such Registrable Securities covered by such registration statement or prospectus
until such Holder's receipt of the copies of the supplemented or amended
prospectus contemplated by Section 6(e), or until it is advised in writing by
the Company that the use of the applicable prospectus may be resumed, and has
received copies of any additional or supplemental filings that are incorporated
or deemed to be incorporated by reference in such prospectus.

                                       9
<PAGE>

     8.   Indemnification.
          ---------------

          (a) The Company agrees to indemnify, to the fullest extent permitted
by applicable law, each Holder of Registrable Securities, its officers and
directors and each Person who controls such Holder (within the meaning of the
Securities Act) against all losses, claims, damages, liabilities, expenses or
any amounts paid in settlement of any litigation, investigation or proceeding
commenced or threatened (collectively, "Claims") to which each such indemnified
                                        ------
party may become subject under the Securities Act insofar as such Claim arose
out of (i) any untrue or alleged untrue statement of material fact contained, in
any registration statement, prospectus or preliminary prospectus or any
amendment thereof or supplement thereto or (ii) any omission or alleged omission
to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, except insofar as the same are
caused by or contained in any information furnished in writing to the Company by
such Holder expressly for use therein, or by such Holder's failure to deliver a
copy of the registration statement or prospectus or any amendments or
supplements thereto after the Company has furnished such Holder with a
sufficient number of copies of the same if such untrue or alleged untrue
material fact or omission or alleged omission is corrected in such prospectus,
amendment or supplement.  In connection with an underwritten offering, the
Company will indemnify the underwriters, their officers and directors and each
Person who controls the underwriters (within the meaning of the Securities Act)
to the same extent as provided above with respect to the indemnification of the
Holders of Registrable Securities.

          (b) In connection with any registration statements in which a Holder
of Registrable Securities is participating, each such Holder will, to the
fullest extent permitted by applicable law, indemnify the Company, its directors
and officers and each Person who controls the Company (within the meaning of the
Securities Act) against any and all Claims to which each such indemnified party
may become subject under the Securities Act insofar as such Claim arose out of
(i) any untrue or alleged untrue statement of material fact contained in any
registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or (ii) any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading; provided, that with respect to a Claim
                                   --------
arising pursuant to clause (i) or (ii) above, the material misstatement or
omission is contained in the information such Holder provided to the Company in
writing expressly for use in such registration statement; provided further, that
                                                          -------- -------
the obligation to indemnify will be individual to each Holder and will be
limited to the amount of proceeds received by such Holder from the sale of
Registrable Securities pursuant to such registration statement.

          (c) Any Person entitled to indemnification hereunder will (i) give
prompt written notice to the indemnifying party of any Claim with respect to
which it seeks indemnification (but the failure to provide such notice shall not
release the indemnifying party of its obligation under paragraphs (a) and (b),
unless and then only to the extent that, the indemnifying party has been
prejudiced by such failure to provide such notice) and (ii) unless in such
indemnified party's reasonable judgment, based on written advice of counsel, a
conflict of interest between such indemnified and indemnifying parties may exist
with respect to such Claim, permit such indemnifying party to assume the defense
of such Claim with counsel reasonably satisfactory to the indemnified party.  An
indemnifying party who is not entitled to, or

                                       10
<PAGE>

elects not to, assume the defense of a Claim will not be obligated to pay the
fees and expenses of more than one counsel for all parties indemnified by such
indemnifying party with respect to such Claim, unless in the reasonable judgment
of any indemnified party, based on written advice of counsel, a conflict of
interest may exist between such indemnified party and any other of such
indemnified parties with respect to such Claim.

          (d) The indemnifying party shall not be liable to indemnify an
indemnified party for any settlement, or consent to judgment of any such action
effected without the indemnifying party's written consent (but such consent will
not be unreasonably withheld, delayed or conditioned).  Furthermore, the
indemnifying party shall not, except with the prior written approval of each
indemnified party, consent to entry of any judgment or enter into any settlement
which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to each indemnified party of a release from all liability
in respect of such claim or litigation without any payment or consideration
provided by each such indemnified party.

          (e) If the indemnification provided for in this Section 8 is
unavailable to an indemnified party under clauses (a) and (b) above in respect
of any Claims, then each indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages or liabilities in
such proportion as is appropriate to reflect not only the relative benefits
received by the Company, the underwriters, the sellers of Registrable Securities
and any other sellers participating in the registration statement from the sale
of shares pursuant to the registered offering of securities for which indemnity
is sought but also the relative fault of the Company, the underwriters, the
sellers of Registrable Securities and any other sellers participating in the
registration statement in connection with the misstatement or omission which
resulted in such losses, claims, damages or liabilities, as well as any other
relevant equitable considerations.  The relative benefits received by the
Company, the underwriters, the sellers of Registrable Securities and any other
sellers participating in the registration statement shall be deemed to be based
on the relative relationship of the total net proceeds from the offering (before
deducting expenses) to the Company, the total underwriting commissions and fees
from the offering (before deducting expenses) to the underwriters and the total
net proceeds from the offering (before deducting expenses) to the sellers of
Registrable Securities and any other sellers participating in the registration
statement.  The relative fault of the Company, the underwriters, the sellers of
Registrable Securities and any other sellers participating in the registration
statement shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company
or by the sellers of Registrable Securities and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission; provided, that in no event shall the liability of any
                       --------
selling Holder hereunder be greater in amount than the dollar amount of the
proceeds received by such Holder upon the sale of the Registrable Securities
giving rise to such indemnification obligation.

          (f) The indemnification provided for under this Agreement will remain
in full force and effect regardless of any investigation made by or on behalf of
the indemnified party or any officer, director or controlling person of such
indemnified party and will survive the transfer of the Registrable Securities.

                                       11
<PAGE>

     9.   Participation in Underwritten Registrations.
          -------------------------------------------

          No Person may participate in any registration hereunder which is
underwritten unless such Person (a) agrees to sell such Person's securities on
the basis provided in any underwriting arrangements approved by the Person or
Persons entitled hereunder to approve such arrangements and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements; provided, that no Holder of Registrable Securities
                           --------
included in any underwritten registration shall be required to make any
representations or warranties to the Company or the underwriters (other than
representations and warranties regarding such Holder and such Holder's intended
method of distribution) or to undertake any indemnification obligations to the
Company or the underwriters with respect thereto, except as otherwise provided
in paragraph 8 hereof.

     10.  Transfer of Registration Rights.
          -------------------------------

          The rights granted to any Holder under this Agreement may be assigned
to any Person in connection with any transfer or assignment of Registrable
Securities by a Holder; provided, that:  (a) such transfer is otherwise effected
                        --------
in accordance with applicable securities laws, (b) such transfer is not in
violation of the Purchase Agreement, (c) if not already a party hereto, the
assignee or transferee agrees in writing prior to such transfer to be bound by
the provisions of this Agreement and, (d) unless otherwise notified by the
Holder, EIS shall act as agent and representative for such Holder for the giving
and receiving of notices hereunder.

     11.  Information by Holder.
          ---------------------

          Each Holder shall furnish to the Company such written information
regarding such Holder and any distribution proposed by such Holder as the
Company may reasonably request in writing and as shall be reasonably required in
connection with any registration, qualification or compliance referred to in
this Agreement and shall promptly notify the Company of any changes in such
information.

     12.  Exchange Act Compliance.
          -----------------------

          The Company shall comply with all of the reporting requirements of the
Exchange Act then applicable to it, if any, and shall comply with all other
public information reporting requirements of the Commission which are conditions
to the availability of Rule 144 for the sale of the Registrable Securities.  The
Company shall cooperate with each Holder in supplying such information as may be
necessary for such Holder to complete and file any information reporting forms
presently or hereafter required by the Commission as a condition to the
availability of Rule 144.

     13.  Miscellaneous.
          -------------

          (a) No Inconsistent Agreements.   So long as any Holder owns any
              --------------------------
Registrable Securities, the Company will not enter into any agreement that is
inconsistent with or violates the rights granted hereunder to the Holders of
Registrable Securities, including, without limitation,

                                       12
<PAGE>

any agreement that would require the Company to register any of its securities
with priority with respect to registration over, the rights granted to the
Holders hereunder, without the prior written consent of the Holders of at least
50% of the Registrable Securities not to be unreasonably withheld.

          (b) Remedies.  Any Person having rights under any provision of this
              --------
Agreement will be entitled to enforce such rights specifically to recover
damages caused by reason of any breach of any provision of this Agreement and to
exercise all other rights granted by law.  The parties hereto agree and
acknowledge that money damages may not be an adequate remedy for any breach of
the provisions of this Agreement and that any party may in its sole discretion
apply to any court of law or equity of competent jurisdiction (without posting
any bond or other security) for specific performance and for other injunctive
relief in order to enforce or prevent violation of the provisions of this
Agreement; provided, that in no event shall any Holder have the right to enjoin,
           --------
delay or interfere with any offering of securities by the Company.

          (c) Amendments and Waivers.  Except as otherwise provided herein, the
              ----------------------
provisions of this Agreement may be amended or waived only with the prior
written consent of the Company and Holders of at least 50% of the Registrable
Securities; provided, that without the prior written consent of all the Holders,
            --------
no such amendment or waiver shall reduce the foregoing percentage required to
amend or waive any provision of this Agreement.

          (d) Successors and Assigns.  This Agreement and all of the provisions
              ----------------------
hereof shall be binding upon and inure to the benefit of the parties and their
respective successors and permitted assigns.  In addition, whether or not any
express assignment has been made, the provisions of this Agreement which are for
the benefit of Holders of Registrable Securities are also for the benefit of,
and enforceable by, any permitted transferee of Registrable Securities, in
accordance with Section 10 hereof.

          (e) Severability.  In case any provision of this Agreement shall be
              ------------
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not be in any way affected or impaired thereby.

          (f) Counterparts and Facsimile.  This Agreement may be executed in any
              --------------------------
number of counterparts, and each such counterpart hereof shall be deemed to be
an original instrument, but all such counterparts together shall constitute one
agreement.  This Agreement may be signed and delivered to the other party by
facsimile transmission; such transmission shall be deemed a valid signature.

          (g) Descriptive Headings.  The section and paragraph headings
              --------------------
contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement.

          (h) Governing Law; Disputes.  This Agreement shall be governed by and
              -----------------------
construed in accordance with the internal laws of the State of New York, without
giving effect to conflicts of laws rules or principles.  Any dispute under this
Agreement that is not settled by mutual consent shall be finally adjudicated by
any federal or state court sitting in the County,

                                       13
<PAGE>

City and State of New York, and each party consents to the exclusive
jurisdiction of such courts (or any appellate court therefrom) over any such
dispute.

          (i)      Notices.  All notices, demands and requests of any kind to be
                   -------
delivered to any party in connection with this Agreement shall be in writing and
shall be deemed to have been duly given if personally or hand delivered or if
sent by internationally-recognized overnight courier or by registered or
certified mail, return receipt requested and postage prepaid, or by facsimile
transmission, addressed as follows:

          (i)      if to the Company, to:

                   SafeScience, Inc.
                   Park Square Building
                   31 St. James Avenue, 8/th/ Floor
                   Boston, Massachusetts 02116
                   Attention: Chief Executive Officer
                   Facsimile: (617) 422-0675

                   with a copy to:

                   McDermott, Will & Emery
                   50 Rockefeller Plaza
                   New York, New York 10020
                   Attention: Cheryl Reicin
                   Facsimile: (212) 547-5444

                   and

                   Reitler Brown LLC
                   800 Third Avenue
                   New York, New York 10022
                   Attention: David Robbins
                   Facsimile: (212) 371-5500

          (ii)(a)  if to EIS, to:

                   Elan International Services, Ltd.
                   102 St. James Court
                   Flatts, Smiths Parish
                   Bermuda FL 04
                   Attention: Chief Executive Officer
                   Facsimile: (441) 292-2224

          with a copy to:

                                       14
<PAGE>

                   Reitler Brown LLC
                   800 Third Avenue
                   New York, New York  10022
                   Attention:  David Robbins
                   Facsimile:  212-371-5500

or to such other address as the party to whom notice is to be given may have
furnished to the other party hereto in writing in accordance with provisions of
this Section 13(i). Any such notice or communication shall be deemed to have
been effectively given (i) in the case of personal or hand delivery, on the date
of such delivery, (ii) in the case of an internationally-recognized overnight
delivery courier, on the second business day after the date when sent or earlier
upon receipt of evidence of acceptance of delivery, (iii) in the case of U.S.
mailing, on the fifth business day following that day on which the piece of mail
containing such communication is posted and (iv) in the case of facsimile
transmission, on the date of telephone confirmation of receipt.

          (j)      Entire Agreement.  This Agreement constitutes the full and
                   ----------------
entire understanding and agreement of the parties with regard to the subject
matter hereof and supersedes all prior agreements and understandings among the
parties with respect thereto.

                            [Signature page follows]

                                       15
<PAGE>

          IN WITNESS WHEREOF, the parties have executed this Registration Rights
Agreement as of the date first written above.

                            SAFESCIENCE, INC.

                            By:   /s/ Bradley J. Carver
                                 -----------------------------------
                                 Name:
                                 Title:

                            ELAN INTERNATIONAL SERVICES, LTD.

                            By:   /s/ Kevin Insley
                                 -----------------------------------
                                 Name:
                                 Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00027-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00027-of-00352.parquet"}]]