Document:

CONFIDENTIAL

                                                                    EXHIBIT 10.3

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY
FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST.
OMISSIONS ARE DESIGNATED AS *. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

                                  DISTRIBUTION
                                       AND
                        MANUFACTURING SERVICES AGREEMENT
                                     BETWEEN
                                    LEVPHARMA
                                       AND
                                     SANQUIN

THIS AGREEMENT (the "AGREEMENT") is entered into effective as of 16 January
2004, (the "Effective Date") by and between LEV PHARMACEUTICALS, INC., a
corporation formed under the laws of the state of Delaware, having an address at
236 Old Lancaster Road, Merion Station, Pennsylvania 19066 ("LEVPHARMA") and the
SANQUIN BLOOD SUPPLY FOUNDATION, a not-for-profit organization formed under the
laws of The Netherlands, having an address at Plesmanlaan 125, 1066 CX,
Amsterdam, The Netherlands, acting for the purposes of the AGREEMENT through its
Plasma Products Division, ("SANQUIN") (collectively, the "Parties").

                              W I T N E S S E T H :

      WHEREAS, LEVPHARMA wants to develop the market for C1 Esterase Inhibitor
in the USA and certain other countries and, as a consequence, requires
manufacturing for clinical trial requirements and commercial sale of a C1
Esterase Inhibitor product (the "Product"); and

      WHEREAS, LEVPHARMA seeks to obtain a distribution license from an
established manufacturer of the Product for countries in which LEVPHARMA shall
obtain the necessary governmental and/or regulatory authorizations to market the
Product; and

      WHEREAS, SANQUIN has proprietary know-how concerning the manufacture and
marketing for clinical applications in humans of a C1 Esterase Inhibitor
containing product, marketed in The Netherlands and certain other countries
under the brand name Cetor(R); and

      WHEREAS, SANQUIN has full right and title in the Technology and facilities
used to manufacture the Product; and

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      WHEREAS, SANQUIN possesses suitable drug substance manufacturing
facilities and a process to manufacture the Product required by LEVPHARMA, and
will use its best efforts to manufacture the Product in a timely manner
according to the Specifications and in accordance with current Good
Manufacturing Practices (cGMPs) and the terms of this Agreement; and

      WHEREAS, SANQUIN is willing to invest in up-grading its facilities to meet
FDA-requirements at SANQUIN's cost; and

      WHEREAS, SANQUIN is willing to grant to LEVPHARMA the right to apply for
registration in certain countries, including the USA, at LEVPHARMA's cost;

      NOW THEREFORE, in consideration of the foregoing premises, which are
incorporated into and made a part of this Agreement, and of the mutual covenants
which are recited herein, the Parties agree as follows:

                             ARTICLE I - DEFINITIONS

1.1 "PRODUCT" shall mean C1 esterase inhibitor derived from human plasma as
manufactured by SANQUIN or its subsidiaries on behalf of LEVPHARMA.

1.2 "CLINICAL STUDY" shall mean the Phase III study performed to obtain
Registration of the Product for Hereditary Angioedema in the US.

1.3 "APPROVAL DATE" as applied to each Batch, shall mean the date on which
SANQUIN's Qualified Person approves the related Batch records and releases the
Product for delivery.

1.4 "BATCH" shall mean all material intended to have uniform character and
quality that is produced from a single manufacturing procedure in accordance
with established parameters and according to a single manufacturing order during
that same cycle of manufacture.

1.5 "MASTER BATCH RECORD" shall mean the criteria, methodology, manufacturing
Process, Specifications and formulae for the Product, which includes the
identity and quantities of the Raw Materials and other components, as such may
be amended by mutual agreement of the Parties from time to time.

1.6 "PROCESSING," "PROCESS," and "PROCESSED" shall have comparable meanings and
shall mean the act of manufacturing and inspecting Product in accordance with
the Master Batch Record and specified procedures.

1.7 "PURCHASE ORDER" shall mean the document originated by LEVPHARMA which sets
forth the quantities of Product ordered and delivery dates mutually agreed to by
the Parties.

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1.8 "RAW MATERIALS" shall mean the plasma, excipients and associated
manufacturing components, all of which are utilized in Processing. The plasma
used to manufacture the Product or any component thereof shall at all times be
obtained from US licensed collection centers.

1.9 "REGULATORY AUTHORITIES" shall mean the FDA and all other governmental or
regulatory authorities having jurisdiction over the manufacture and commercial
sale of any Product.

1.10 "TECHNOLOGY" shall mean all the technical information, whether tangible or
intangible, including (without limitation) any and all data, techniques,
discoveries, inventions, Processes, formulations, know-how, patents (including
any divisional, continuation, extension, reissue, reexamination certificate, or
renewal patents), patent applications, inventor certificates, trade secrets,
methods of production and other proprietary information, that SANQUIN has rights
to (as either owner, licensee or sublicensee), or may hereafter obtain rights
to, relating to the Product.

1.11 "WORKING BATCH RECORD" shall mean the record, for each Batch, of the
criteria, methodology, manufacturing Process, Specifications and formulae for
the Product, which includes the identity and quantities of the Raw Materials and
other components, as set forth in the Master Batch Record, and serves as the
official documentation of that specific manufacturing process as it was
performed for each lot.

1.12 "cGMP" shall mean current Good Manufacturing Practice as defined in Parts
210 and 211 of Title 21 of the U.S. Code of Federal Regulations, as may be
amended from time to time, or any successor thereto.

1.13 "MANUFACTURING STANDARDS" shall mean, with respect to the Product, good
manufacturing practice as required by the Dutch authorities in order to be in
conformity with EU standards and such additional manufacturing Specifications or
standards as may be established by mutual agreement of LEVPHARMA and SANQUIN
from time to time and as more fully described in Sections 4.1(d) and (e).

1.14 "TERRITORY" shall mean all countries in North, Central and South America
with the exception of the Dutch Overseas Territories, Argentina, and Brazil. The
Territory may be expanded in accordance with the provisions in Sections 2.1
and/or 2.2(a) of this Agreement.

1.15 "REGISTRATION" shall mean, with respect to each country in the Territory,
approval of the Registration Application for any Product filed in such country,
including, where applicable outside of the United States, pricing or
reimbursement approval by the Regulatory Authority in such country.

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1.16 "REGISTRATION APPLICATION" shall mean a Biologics License
Application under the United States Federal Food, Drug and Cosmetics Act and the
regulations promulgated thereunder, or a comparable filing for Registration in
any other country in the Territory.

1.17 "REGULATORY FILING" shall mean any document required to be filed under the
United States Federal Food, Drug and Cosmetics Act and the regulations
promulgated thereunder, or any such comparable filing in any other country.

1.18 "SPECIFICATIONS" shall mean, with respect to the Product, the
Specifications for Processing the Product as agreed upon by LEVPHARMA and
SANQUIN, in consideration of the regulatory requirements in each country, as may
be amended from time to time and as more fully described in Sections 4.1(d) and
(e).

1.19 "CALENDAR QUARTER" shall mean the periods ending on March 31, June 30,
September 30 and December 31 of each year.

1.20 "CALENDAR YEAR" shall mean the period beginning on January 1 and ending on
December 31 of each year.

1.21 "AFFILIATE" shall mean, as to any person or entity, any other person or
entity which directly or indirectly controls, is controlled by, or is under
common control with such other person or entity and it shall include
subsidiaries. For purposes of the preceding definition, "control" means the
right to control, or actual control of, the management of such other entity,
whether by ownership of voting securities, by agreement, or otherwise.

1.22 "QUALIFIED PERSON" shall mean any person who possesses the skills,
experience, education, and authority to perform a task or job described in this
Agreement.

1.23 "REGULATORY APPROVAL" shall mean all approvals, licenses, registrations and
authorizations of all governmental agencies in a country necessary for the
manufacture, use, offer for sale, sale or import of the Product in the
applicable country.

1.24 "EUROPEAN UNION" shall mean all the members of the European Union as of
December 31, 2004.

1.25 "HANDLING SPECIFICATIONS" shall mean the Specifications for the handling,
the storage, the use, the transport and the general possession of the Product by
LEVPHARMA, in accordance with the specifications and standards defined and
specified in the Quality Agreement, which shall remain attached to this
Agreement as Exhibit 1, and this for the entire period the Product is in
possession and under the responsibility of LEVPHARMA, i.e. as from the time the
Product is shipped by SANQUIN "F.O.B., Amsterdam", in accordance with
LEVPHARMA's written instructions as detailed on the Purchase Order as defined in
section 4.4 of the Agreement, until such time the Product has been successfully
distributed, marketed, offered for sale, sold and/or imported by LEVPHARMA to a
third party, user of the Product.

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1.26 "EFFECTIVE DATE" shall mean the date put in writing on the first page of
this Agreement, upon execution of this Agreement on behalf of both Parties.

1.27 "CLINICAL DEVELOPMENT PLAN" shall mean plan to collect necessary data to
support licensure in the US.

1.28 "COMPETITOR" shall mean current manufacturer and/or distributor of C1
Esterase Inhibitor and/or any product marketed for the same clinical indications
as C1 Esterase Inhibitor.

                          ARTICLE II - GRANT OF RIGHTS

2.1 LEVPHARMA Rights. SANQUIN owns certain Technology and facilities to
manufacture the Product. Upon execution of this Agreement, SANQUIN agrees to use
the Technology to manufacture the Product for LEVPHARMA subject to the terms and
conditions set forth in this Agreement. LEVPHARMA shall have and SANQUIN hereby
grants to LEVPHARMA the exclusive right to distribute, market, offer for sale,
sell, import and promote the Product in the Territory and the first right of
refusal to distribute, market, offer for sale, sell, import and promote the
Product in the rest of the world outside of the EU as outlined below, which
shall become exercisable upon market introduction of the Product in the US.

In the event that SANQUIN is either approached by or approaches a third party to
distribute, market, offer for sale, sell, import and promote the Product in a
country or territory outside the Territory and the EU, SANQUIN shall provide
LEVPHARMA with notice of such interest, and shall allow LEVPHARMA thirty (30)
days to either accept or reject the right to distribute, market, offer for sale,
sell, import and promote the Product in such country or territory.

            (i) Should LEVPHARMA accept the right, then LEVPHARMA shall have 120
days to draft a plan to develop the Product in such country or territory,
including timelines, regulatory requirements (including, but not limited to,
plasma source and testing requirements) and sales volumes. The Parties agree
that all other terms of this Agreement shall apply to any such expansion of the
Territory. Upon LEVPHARMA submitting such a proposal, the Parties shall
negotiate in good faith to reach an agreement within 30 days. The Parties agree
that all meetings to discuss the expansion of the Territory shall be held in the
US.

            (ii) Should LEVPHARMA reject the right then SANQUIN shall be free to
grant the right to distribute, market, offer for sale, sell, import and promote
the Product in said country or territory to a third party.

            (iii) Should SANQUIN and LEVPHARMA not reach an agreement regarding
the proposal made by LEVPHARMA as under (i) above, then SANQUIN shall be free to
grant the right to said country or territory to a third party, but only on terms
not less favorable to SANQUIN than those contained in the LEVPHARMA proposal.

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2.2 SANQUIN Rights.

(a) SANQUIN shall retain all rights to develop, distribute, market, offer for
sale, sell, import and promote the Product in the EU. Should SANQUIN decide not
to obtain and/or maintain a marketing authorization in certain EU countries by
the time LEVPHARMA has successfully introduced the Product in the markets in the
U.S.A. , then the Parties agree to negotiate in good faith the expansion of the
Territory to include such EU countries where SANQUIN has not obtained and/or is
not pursuing a marketing authorization. The Parties agree that all other terms
of this Agreement shall apply to any such expansion of the Territory.

(b) SANQUIN shall have the following rights to acquire LEVPHARMA-owned
Registration(s) and/or Registration Application(s) for the Product and any
LEVPHARMA-owned authorization(s) to market the Product, in accordance with the
applicable regulations including but not limited to the FDA regulations, in the
following circumstances and according to the terms and conditions agreed to by
the Parties at such time:

            i) In the event that LEVPHARMA ceases to distribute the Product in
            any country of the Territory where LEVPHARMA holds a valid
            Registration for the Product, SANQUIN shall have the first right of
            refusal to acquire LEVPHARMA-owned Registration(s) and/or
            Registration Application(s) for the Product and any LEVPHARMA-owned
            authorization(s) to market the Product. The parties shall negotiate
            in good faith to set the terms of such a transfer;

            ii) In the event that LEVPHARMA files for bankruptcy under either
            Chapter 7 or Chapter 11 of the US Federal Bankruptcy Code, SANQUIN
            shall have the right to immediately assume all LEVPHARMA interests
            in the Registration(s) and/or Registration Application(s) for the
            Product.

Notwithstanding the above and in accordance with paragraph 1.10 of the
Agreement, SANQUIN is and remains at all time the exclusive owner of the rights
to the Technology. LEVPHARMA has no right with respect to the Technology other
than those expressly granted under this Agreement, and subject to the terms
hereof.

                        ARTICLE III - REGULATORY MATTERS

3.1 In General.

In connection with performing their obligations pursuant to this Agreement,
LEVPHARMA and SANQUIN shall use all commercially reasonable efforts to perform
such responsibilities diligently, with the objective of maximizing the sales
potential of the Product and promoting the therapeutic profile and benefits of
the Product in the most commercially beneficial manner. Without limiting the
generality of the foregoing, each such Party shall:

            (i) collaborate and cooperate in the preparation and filing of all
            Regulatory Filings and all other aspects necessary to implement this
            Agreement;

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            (ii) use commercially reasonable efforts to perform the work set out
            for such Party to perform in this Agreement;

            (iii) conduct all work pursuant to this Agreement in good scientific
            manner, and in compliance in all material respects with all
            requirements of applicable laws, rules and regulations, and all
            other requirements of any applicable cGMP, good laboratory practice
            and current good clinical practice to attempt to achieve the
            objectives of this Agreement efficiently and expeditiously; and

            (iv) maintain records, in sufficient detail and in good scientific
            manner, which shall be complete and accurate and shall fully and
            properly reflect all work done and results achieved in connection
            with the Product in the form required under all applicable laws and
            regulations.

3.2 Pre-approval.

(a) The Parties shall collaborate and cooperate in the preparation and filing of
all Regulatory Filings. LEVPHARMA shall be the party primarily responsible for
conducting the Clinical Study and all regulatory matters necessary to support,
prepare and file any Regulatory Filing. LEVPHARMA shall be the party primarily
responsible for preparing all Regulatory Applications necessary or desirable to
register the Product. LEVPHARMA shall be responsible for filing all Regulatory
Applications and, thereafter, to conduct all communications with the Regulatory
Authorities during the registration process. However, LEVPHARMA shall consult
extensively with SANQUIN and submit the protocol for the Clinical Study and all
documents related to such Regulatory Applications to SANQUIN for review before
submitting those to Regulatory Authorities. SANQUIN shall provide all technical
data and support necessary to assist LEVPHARMA to prepare such Regulatory
Applications. LEVPHARMA shall keep SANQUIN informed as to the status of all
efforts related to the regulatory and clinical trial process. Such information
shall comprise, but not be limited to, providing SANQUIN with copies of all
correspondence received from Regulatory Authorities as well as providing SANQUIN
with the opportunity to review any revisions to any filings with Regulatory
Authorities during their preparation. LEVPHARMA shall confer with SANQUIN
regarding the preparation of such filings and the registration process.
LEVPHARMA shall, where practicable, discuss with Sanquin any commitments to
Regulatory Authorities prior to agreeing to them. Any commitments made by
LEVPHARMA which have not been agreed to beforehand by SANQUIN will be submitted
to SANQUIN by LEVPHARMA as soon as possible afterwards and will be subject to
SANQUIN's agreement.

(b) SANQUIN shall deliver to LEVPHARMA copies of all relevant and material data,
studies and other written materials in SANQUIN's possession, relating to the
Product, or the Processing of the Product , including manufacturing information,
clinical and pre-clinical studies, and any other information required by
LEVPHARMA to make a Regulatory Filing.

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(c) LEVPHARMA and SANQUIN shall share all the data resulting from the Clinical
Study as well as any other data of which either party may come into possession
related to the Product. The Parties agree to mutually consult with each other in
the interpretation and reporting of such data. LEVPHARMA and SANQUIN shall have
the right to use such data free of charge in reporting and up-dating files.

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3.3 Post Registration. The Parties shall collaborate and cooperate in all
regulatory matters. Specifically, all obligations and commitments as to sharing
and delivery of data as under article 3.2 above shall continue to apply.
However, LEVPHARMA shall be primarily responsible for all regulatory activities
in a country in the Territory after Registration in such country has been
obtained by LEVPHARMA, including but not limited to regulatory compliance,
worldwide safety surveillance, adverse event reporting and all other necessary
support services. LEVPHARMA shall be the party responsible to the Regulatory
Authorities for ensuring compliance of the Product Specifications with all
applicable Manufacturing Standards. However, SANQUIN shall be responsible for
compliance of the manufacturing and Processing procedures according to the
Specifications and Manufacturing Standards as defined by the Parties. Each Party
will provide reasonable assistance to the other, at no charge, if necessary to
respond to FDA or other regulatory audits, inspections, inquiries or requests
concerning the Raw Materials or Product. LEVPHARMA shall refrain from making
commitments in communications with Regulatory Authorities unless, where
practicable, such commitments have been brought to the attention of SANQUIN in
writing and discussed with SANQUIN beforehand. Any commitments made by LEVPHARMA
which have not been agreed to beforehand by SANQUIN will be submitted to SANQUIN
by LEVPHARMA as soon as possible afterwards and will be subject to SANQUIN's
agreement as described in Article VI.

3.4 Ownership. LEVPHARMA shall be responsible for obtaining Registration
approval for Product in the Territory and shall own the regulatory approvals in
the Territory. SANQUIN agrees to comply with all commitments made in any
Registration Application, having provided their input into and prior written
review of such commitments, regarding SANQUIN's manufacturing responsibilities
as described herein. SANQUIN shall be responsible for the maintenance of the
Drug Master File covering the SANQUIN Facility.

3.5 Notices Regarding Product. SANQUIN and LEVPHARMA shall each give the other
prompt notice of any information either of them receives regarding the safety of
the Raw Materials or Product, including any confirmed or unconfirmed information
on adverse, serious or unexpected events associated with the use of the Product.
For serious or unexpected events, notice must be given by telephone within one
(1) business day after receipt of the information and followed by written notice
not less than one (1) week thereafter. All responsibility, including responses
due and cost for filing any reports with the FDA or other Regulatory Authorities
concerning such reactions (including Drug Experience Reports) caused by the
Product manufactured for LEVPHARMA shall be LEVPHARMA's. SANQUIN will provide
timely assistance in responding to any complaints including reviews of Batch
records and retained samples as well as testing of Product engendering a
complaint if required, and LEVPHARMA will reimburse SANQUIN for reasonable
expense incurred therewith. The costs of such testing shall be borne by
LEVPHARMA; however, if it is determined that the Product complaint was directly
or indirectly caused by SANQUIN's failure to Process the Product in accordance
with the Specifications, or was caused by a manufacturing error or omission,
SANQUIN shall reimburse LEVPHARMA for the actual and reasonable costs of such
testing and shall defend, hold harmless and indemnify LEVPHARMA with respect to
all Claims arising therefrom or relating thereto.

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                       ARTICLE IV - MANUFACTURE AND SUPPLY

4.1 Supply of Product

(a) Supply for the Clinical Study. SANQUIN shall supply all Product necessary
for the Clinical Study, but limited to the maximum aggregate amount of * units,
supplies being divided in time as follows:. SANQUIN shall supply at least *
units as soon as possible after SANQUIN is able to obtain an export license for
the Product, but no later than July 1, 2005. SANQUIN shall also provide an
additional amount of Product so that a total of * units are delivered to
LEVPHARMA no later than July 1, 2005. SANQUIN shall provide an additional *
Units to LEVPHARMA by December 31, 2005. Thereafter, the Parties shall agree to
a timetable for the manufacture and delivery of the remaining * Units. SANQUIN
shall provide the Product for the Clinical Study in a form and in packaging as
required by LEVPHARMA necessary to complete the Clinical Study. Such packaging
shall include all materials needed to infuse the Product or placebo. However,
LEVPHARMA shall be responsible for identifying at least three different
FDA-approved vendors, acceptable to SANQUIN, for such materials, i.e. suitable
water for injection and all other accessories needed, and obtaining quotations
from such which vendors to be submitted to SANQUIN for SANQUIN to negotiate and
select an appropriate vendor at SANQUIN's cost. Such Product shall be supplied
by SANQUIN in accordance with the Clinical Specifications and Manufacturing
Standards as described in Section 4.1(e) below and in accordance with forecasts
provided by LEVPHARMA after the Regulatory Filing has been filed with the FDA
for said Clinical Study, which forecasts shall not exceed the delivery schedule
outlined above. SANQUIN shall invoice LEVPHARMA for the Clinical Product
according to the terms outlined in Section 5.2(a).

(b) Placebo for the Clinical Study. LEVPHARMA shall, in accordance with the
needs pursuant to the protocol for the Clinical Study, obtain suitable placebo
from a third party at LEVPHARMA's responsibility and cost. LEVPHARMA shall
provide SANQUIN with such placebo free of charge and SANQUIN shall package the
placebo in a way similar to the Product to be used in the Clinical Study, and
shall deliver the labeled and packaged placebo according to LEVPHARMA's
requirements.

(c) Commercial Supply. Commencing on the commercial launch of the Product and
thereafter during the term of this Agreement, subject to the terms and
conditions of this Section 4, SANQUIN shall supply LEVPHARMA with LEVPHARMA's
requirements for Product for commercial use in each country pursuant to this
Agreement where LEVPHARMA has Regulatory Approval. Said Product shall at all
times be ordered and supplied according to the procedures outlined in sections
4.2 and 4.3

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            (i) Minimum Annual Purchase.

            A) In the Calendar Year that LEVPHARMA receives Regulatory Approval
            in the US, LEVPHARMA shall purchase and SANQUIN shall supply a
            minimum of the Pro Rata share of * units based on the actual number
            of days from when the Registration Application is approved by the
            Regulatory Authorities in the United States until the end of the
            year in which the approval is received.

            B) Each Calendar Year thereafter, LEVPHARMA shall purchase and
            SANQUIN shall supply a minimum of * units of Product.

            C) Should LEVPHARMA require more than * Units per Calendar Year,
            SANQUIN shall supply such additional amounts. However, SANQUIN shall
            never be obliged to supply to LEVPHARMA more than * Units of Product
            per Calendar Year under the terms of this Agreement.

            D) The quantities mentioned under (B) and (C) above are applicable
            to the Territory as defined on the Effective Date of this Agreement.
            These quantities may be modified by mutual agreement of the Parties
            in the event that the Territory is extended according to Sections
            2.1 and/or 2.2(a).

            (ii) Scale Up

            SANQUIN agrees to perform an analysis of the feasibility of scaling
            up the production of the Product and provide the results of this
            analysis to LEVPHARMA no later than 10 months after the Clinical
            Study is initiated. The parties shall then make a mutual decision on
            whether or not to scale up the production of the Product (the "Scale
            Up"). In the event that a Scale Up is agreed to, the Parties shall
            negotiate in good faith to reach an agreement on the details of the
            Scale Up. However, the following timelines should be included in any
            such agreement:

                  o     12 months after the initial Clinical Study is initiated:
                        final decision on Scale Up
                  o     20 months after the initial Clinical Study is initiated:
                        clinical trial material from Scale Up is validated
                  o     24 months after the initial Clinical Study is initiated:
                        clinical trial for Scale Up Product is initiated
                        (clinical trial #2)
                  o     36 months after the initial Clinical Study is initiated:
                        commercial product from Scale Up is available

(d) Processing. SANQUIN, as the owner of the Technology and any improvements
thereof, shall be responsible for Processing the Product, whether by itself or
by third parties or subsidiaries, including, without limitation, CAF-DCF
cvba-scrl in Brussels, Belgium according to the applicable Commercial
Specifications and Manufacturing Standards as outlined in section 4.1(f) and
according to any and all marketing authorization(s) or product approvals in the
Territory. Said Processing shall include, without limitation, all Product
labeling and other package inserts and materials required by the applicable
Regulatory Authorities. SANQUIN shall ensure that all services, facilities and
goods used in connection with such manufacture comply with the applicable cGMPs
in effect. In the event that SANQUIN intends at any time to provide the
Commercial Supply from a facility or manufacturing process that is different
than that used to provide the Clinical Supply:

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            i) SANQUIN shall obtain the consent of LEVPHARMA (which consent
            shall not be unreasonably withheld) prior to making any changes.

            ii) SANQUIN shall complete and bear all costs associated with
            implementing said changes and performing the studies necessary to
            meet any and all requirements from the Regulatory Authorities needed
            to approve such change, except that LEVPHARMA shall complete and
            bear the costs of any clinical trial necessary to implement said
            changes.

            iii) SANQUIN shall supply at their expense the Product required for
            any clinical trial necessary as a result of a change in either the
            facility or manufacturing process from that used to provide the
            Product for the Clinical Study. It is stipulated that LEVPHARMA
            shall bear the costs except for the supply of Product, for any
            clinical trial required as a consequence of the Scale Up as
            contemplated under 4.1(c).(ii) above or a change in the facility or
            manufacturing process as described under 4.1(d).

(e) Clinical Study Specifications and Manufacturing Standards. The Product for
the Clinical Study shall be manufactured by SANQUIN according to the Clinical
Specifications and Manufacturing Standards that are attached hereto as Exhibit 1
and any amendments thereto, (the Quality Agreement.) Said Clinical
Specifications and Manufacturing Standards shall conform in all material
respects to the current process used by SANQUIN to manufacture the Product.
In addition, Parties agree to the following:

            i)    SANQUIN will use its reasonably best commercial efforts to
                  obtain an export license prior to September 1, 2004. Should
                  SANQUIN fail to obtain such a license by September 2004,
                  SANQUIN shall not bear any liability to LEVPHARMA under the
                  terms of this Agreement.

            ii)   SANQUIN will not be required to fulfill its obligations to
                  supply product until such a license is obtained.

            iii)  Both parties will cooperate fully to obtain an export license
                  as soon as possible.

            iv)   In the event that SANQUIN fails to obtain such a license prior
                  to September 1, 2005, Parties shall terminate this Agreement
                  without any Party bearing any liability to the other party
                  under the terms of this Agreement.

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(f) Commercial Specifications and Manufacturing Standards. The Commercial
Product shall be manufactured by SANQUIN at the same location and according to
the same manufacturing process as that used to produce the Product for the
Clinical Study unless otherwise agreed to by the Parties according to Section
4.1(d) above. LEVPHARMA and SANQUIN shall cooperate in good faith and shall,
upon the written agreement of the Parties, up-date where necessary the Quality
Agreement to reflect the Commercial Specifications and Manufacturing Standards
for this Agreement. The Parties agree that the Commercial Specifications and
Manufacturing Standards for this Agreement shall conform to any requirements
from the FDA or any other Regulatory Authorities where the Product is either
subject to Registration or under review for Registration and, to the extent
practicable, to the specifications and standards applicable to SANQUIN's current
manufacturing process for the Product. The Parties agree that the aggregate cost
for upgrading the SANQUIN facilities and procedures specifically needed for the
Manufacturing Standards shall not be more than * euros. This limitation shall
only reflect any changes specifically requested by the FDA and does not include
any changes made at the request of any other Regulatory Authority. In the event
that the aggregate cost for this up-grade to FDA-compliance would exceed *
euros, Parties shall either come to an agreement where LEVPHARMA bears the
additional cost or Parties shall terminate the Agreement without any Party
bearing any liability to the other Party under the terms of this Agreement.

4.2 Forecasts. Commencing 6 months prior to the anticipated commercial launch of
the Product in any country where LEVPHARMA has the right to distribute the
Product, LEVPHARMA shall provide SANQUIN with a non-binding, good faith rolling
forecast of estimated quantities in international units (or any other
measurement agreeable to both Parties) and anticipated delivery schedules for
Product for the following 12-month period by calendar quarters. Such forecasts
shall be revised and updated quarterly (the "Quarterly Forecast").

4.3 Orders for Product.

(a) Together with each forecast provided under Section 4.2, LEVPHARMA shall
place its firm order on a quarterly basis with SANQUIN, setting forth units (or
any other measurement agreeable to both Parties), delivery dates and shipping
instructions with respect to each shipment of Product for delivery. LEVPHARMA's
orders shall be made pursuant to Purchase Orders which are in a form mutually
acceptable to LEVPHARMA and SANQUIN, to the extent that such form is not
inconsistent with the terms of this Agreement.

(b) SANQUIN shall not be obligated to accept any order to the extent the
quantity of Product ordered exceeds 125% of the average of the last Quarterly
Forecast and the quantity contained in the actual Purchase Order for the Quarter
immediately preceding the current Quarter. Not withstanding the foregoing
limitations, SANQUIN shall use commercially reasonable efforts to fill such
orders for such excess quantities from available supplies. SANQUIN shall use all
commercially reasonable efforts to notify LEVPHARMA within ten days after
receipt of an order of SANQUIN's ability to fill any amounts of such orders in
excess of the quantities that SANQUIN is obligated to supply. LEVPHARMA shall
notify SANQUIN as soon as possible of an increase in LEVPHARMA's requirements
for Product materially in excess of the limits set forth herein. However, the
quantity of Product delivered by SANQUIN to LEVPHARMA shall never be higher than
the * quantity listed in Section 4.1(c)(i).

                                       13
<PAGE>

(c) In the event that LEVPHARMA submits any order for Product for less than the
75% of the average of the last two Quarterly Forecasts for that particular
quarter, SANQUIN nevertheless shall have the right to supply and ship to
LEVPHARMA (in accordance with the shipping instructions most recently supplied
by LEVPHARMA) 75% of the average of the last two Quarterly Forecasts, and
LEVPHARMA shall have the obligation to purchase and accept from SANQUIN, such
minimum quantity of Product. LEVPHARMA shall notify SANQUIN as soon as possible
of a decrease in LEVPHARMA's requirements for Product materially below the
limits set forth herein. In the event of such a decrease, SANQUIN shall use all
commercially reasonable efforts, but shall not be required, to reduce
accordingly. However, the quantity of Product delivered by SANQUIN to LEVPHARMA
shall never be lower than the * quantity listed in Section 4.1(c)(i).

4.4 Delivery. SANQUIN shall ship the Product "F.O.B., Amsterdam" and in
accordance with LEVPHARMA's written instructions as detailed on the Purchase
Order. For purposes of this Agreement, delivery of Product by SANQUIN to
LEVPHARMA shall be deemed to have taken place upon delivery to the
LEVPHARMA-designated destination identified in the Purchase Order.

4.5 Title. Title to all work in process to produce Product, and all completed
Product, shall remain in SANQUIN until delivery of Product to LEVPHARMA as
described in Section 4.4, thereafter title to Product shall transfer to
LEVPHARMA.

4.6 Conformity; Specifications; Quality Control

(a) All quantities of Product supplied by SANQUIN pursuant to this Section 4
will comply in all material respects with the Specifications and Manufacturing
Standards and shall adhere in all material respects to all applicable
governmental laws and regulations relating to the manufacture, packaging, sale,
storage, and shipment of each shipment of Product at the time it is shipped by
SANQUIN hereunder.

(b) SANQUIN shall conduct, or cause to be conducted, quality control testing of
Product prior to shipment, in accordance with the Specifications and applicable
Manufacturing Standards as are in effect from time to time and such other
quality control testing procedures adopted either by SANQUIN or LEVPHARMA from
time to time (collectively, the "Testing Methods"). The Testing Methods shall
include all FDA required release testing and SANQUIN shall undertake all such
tests. SANQUIN shall retain records pertaining to such testing. Each shipment of
Product hereunder shall be accompanied by a certified quality control protocol
and certificate of analysis for each Batch of Product therein as well as such
customs and other documentation as is necessary or appropriate.

4.7 Acceptance/Rejection. After receipt of a shipment of Product, including
documentation as under 4.6 (b) above, LEVPHARMA shall have sixty (60) days to
accept or reject the Product. Any such rejection should be based on a documented
deviation from the Master Batch Record and shall be handled as hereafter set
forth in Section 4.8.

                                       14
<PAGE>

4.8 Rejection Procedures.

(a) Should LEVPHARMA reject any Batch pursuant to Section 4.7, and SANQUIN
agrees that such rejection was justified, SANQUIN shall promptly credit
LEVPHARMA's account as the invoice with respect to the Batch so rejected will
have been paid by that time by LEVPHARMA by virtue of article 5.3.

(b) Should LEVPHARMA reject any Batch pursuant to Section 4.7, and should
SANQUIN, after good faith negotiation, fail to agree that such rejection was
justified, the Parties shall each appoint an independent third party and these
two independent third parties shall select a qualified third independent third
party to test samples of such Batch and to review any pertinent Working Batch
Record and other relevant information developed by both Parties relating thereto
to ascertain the validity of the rejection. The findings of such third party
shall be binding upon both Parties. If the Product is found to meet the
Specifications in all material respects, LEVPHARMA shall pay the costs of such
tests and shall be deemed to have accepted the Product. If the Product is found
not to meet Specifications in any material respect, SANQUIN shall pay the costs
of such tests and shall promptly credit LEVPHARMA's account.

(c) Upon SANQUIN's receipt of a claim that a shipment or Batch thereof of
Product does not meet the Specifications and/or applicable Manufacturing
Standards, SANQUIN shall use commercially reasonable efforts to replace such
shipment or Batch thereof with an additional shipment of Product that does
conform to such standards as soon as practicable.

4.9 Inventory Management. SANQUIN shall maintain an inventory of Product in
accordance with SANQUIN's usual and customary inventory management practices
that SANQUIN applies to its other therapeutic products, but sufficient to
satisfy the requirements of Section 4.1 and 4.3(b) hereof.

4.10 Shortage of Supply.

(a) SANQUIN shall notify LEVPHARMA: (i) as promptly as possible, but in no event
more than ten days after SANQUIN's receipt of a firm order from LEVPHARMA as
provided in Section 4.3, or (ii) immediately upon becoming aware of SANQUIN's
inability to supply the quantity of Product to LEVPHARMA that SANQUIN is
required to supply hereunder, SANQUIN's inability to supply such quantities of
Product. In such event, SANQUIN shall implement all commercially reasonable
efforts to remedy such shortage.

(b) In the event of SANQUIN's inability to supply both LEVPHARMA's requirements
of Product and SANQUIN's other requirements, including any third party
requirements as of the date of this Agreement, for the Product due to force
majeure or otherwise, SANQUIN shall allocate the Product that SANQUIN has in
inventory and that SANQUIN is able to produce among the quantities of all such
requirements, so that LEVPHARMA receives at least its proportionate share of
such available supplies, as determined from purchase orders and where purchase
orders are not in place, from the Quarterly Forecasts, for the Product.

                                       15
<PAGE>

4.11 Inability to Supply.

(a) An "Inability to Supply" shall mean with respect to the supply of Product
for commercial sales, SANQUIN's failure for any reason other than force majeure
reasons as defined in Article XXI, to supply LEVPHARMA with quantities of
Product meeting the Specifications and Manufacturing Standards equal to at least
75% of the average of the last two Quarterly Forecasts for any particular
quarter.

(b) LEVPHARMA and SANQUIN agree that an Inability to Supply by SANQUIN will
result in damages to LEVPHARMA, and that the actual damage sustained by
LEVPHARMA would be difficult to ascertain. The Parties agree that in the event
of any such Inability to Supply, SANQUIN shall pay to LEVPHARMA an amount
calculated according to the formula in section 4.11(g) as liquidated damages and
not as a penalty.

(c) A "Short-Term Inability to Supply" is an Inability to Supply that is
reasonably expected to continue for no more than a three-month period of time.

(d) A "Long-Term Inability to Supply" shall mean any Inability to Supply that is
reasonably expected to exceed or actually exceeds a three-month period of time.

(e) In the event that LEVPHARMA believes that a Short-Term Inability to Supply
exists, LEVPHARMA shall provide SANQUIN with written notice of such claim.
SANQUIN shall either (i) agree with LEVPHARMA's claim and pay to LEVPHARMA the
liquated damages as outlined in Section 4.11 (g)(i) hereto; or (ii) provide a
written response to LEVPHARMA that outlines SANQUIN's intention to make up the
shortage of supply in the next quarterly delivery. In the event that SANQUIN
fails to actually make up the shortage of supply in the following quarter,
LEVPHARMA shall have the right to collect the liquidated damages outlined in
Section 4.11 (g)(i) hereto.

(f) In the event that LEVPHARMA believes that a Long-Term Inability to Supply
exists, LEVPHARMA shall provide SANQUIN with written notice of such claim and
SANQUIN shall either (i) agree with LEVPHARMA's claim; or (ii) provide
sufficient and credible evidence to LEVPHARMA that such claim is false. In the
event that SANQUIN agrees with LEVPHARMA's claim, or is unable to provide such
evidence to refute it, or more than six months of an Inability to Supply have
passed, LEVPHARMA shall have the right to immediately terminate this Agreement
as well as collect the liquidated damages outlined below.

(g) The liquidated damages shall be calculated according to the formulas listed
below and payable to LEVPHARMA for each quarter where either a Short-Term or
Long Term Inability to Supply exists.

            i) Short-Term Inability to Supply:

                                       16
<PAGE>

            SANQUIN shall pay to LEVPHARMA a sum equal to ((75% of the average
            volume (in Units) for the last two Quarterly Forecasts for that
            particular quarter) - (actual volume (in Units) actually supplied by
            SANQUIN for that particular quarter)) X ($*), except that no damages
            will be payable by SANQUIN to LEVPHARMA if the minimum amount (at
            least 75% of the average of the last two Quarterly Forecasts for the
            current quarter plus an amount equal to the shortage from the
            previous quarter) is provided by SANQUIN to LEVPHARMA in the current
            quarter.

            ii) Long-Term Inability to Supply:

                  A) For each quarter in which a Long-Term Inability to Supply
                  exists, SANQUIN shall pay to LEVPHARMA a sum equal to the
                  average of the last two quarterly liquidated damages payments,
                  except that SANQUIN shall have the right to terminate the
                  Agreement after a Long-Term Inability to Supply exists for a
                  period of at least four (4) continuous quarters.

                  B) In the event that LEVPHARMA exercises its right to
                  terminate the Agreement under Section 4.11(f), SANQUIN shall
                  pay to LEVPHARMA a sum equal to 4 times the average of the
                  last two quarterly liquidated damages payments.

            For any liquidated damages payments to be made by SANQUIN under this
            article 4.11, LEVPHARMA shall submit written evidence (e.g. copies
            of invoices received by LEVPHARMA for supply of product by third
            parties) to SANQUIN of the actual damages incurred as a result of
            the Inability to Supply. If the actual damages to LEVPHARMA are less
            than those calculated according to the formula listed above, then
            SANQUIN shall only be liable for the actual documented damages
            incurred by LEVPHARMA as evidenced by the written submission by
            LEVPHARMA.

                               ARTICLE V - PAYMENT

5.1 Purchase Price. The Purchase Price for Product supplied by SANQUIN to
LEVPHARMA pursuant to this Agreement shall be euro */Unit plus an additional
amount to cover SANQUIN's actual cost for insurance for any country where
SANQUIN is supplying Product to LEVPHARMA under this Agreement that is not
already covered under its current insurance policy. This Purchase Price of euro
*/Unit reflects an anticipated price to be paid by SANQUIN for the purchase of
recovered plasma from USA collection centers of * euro per liter. Upon written
proof by SANQUIN that it has paid a higher price for this recovered plasma from
USA collection centers, the purchase price shall be enhanced. This enhancement
of the Purchase Price per Unit shall be calculated according to the following
formula: {(actual price paid by SANQUIN per liter of USA recovered plasma in
euro - * euro) X (* euro)} + * euro. However, not withstanding the foregoing,
the total Purchase Price (including all costs, but excluding amendments as under
a) and/or b) below) shall under no circumstances exceed euro */Unit. Such
Purchase Price shall be amended as follows:

                                       17
<PAGE>

a) yearly, starting January 1st 2005, with a percentage equal to the increase or
decrease in the Dutch consumer price index.

b) as agreed to by both parties through good faith negotiations in the event of
a significant change in Processing as a result of Product improvement or
regulatory requirements.

5.2 Invoices.

a) Product supplied for the Clinical Study. SANQUIN shall invoice LEVPHARMA for
the Purchase Price for all Product supplied for the Clinical Study according to
the terms contained in Section 5.1. SANQUIN agrees to provide a loan to
LEVPHARMA in the amount of the Purchase Price for each invoice for Product
supplied for the Clinical Study, and LEVPHARMA agrees to provide a purchase
money security interest to SANQUIN in the Product supplied for the Clinical
Study for each shipment of such Product. Upon Regulatory Approval in the US,
SANQUIN shall credit LEVPHARMA's account for the entire cost of the Clinical
Product, and shall provide a release of any and all security interests granted
by LEVPHARMA.

b) Commercial Product. SANQUIN shall invoice LEVPHARMA for the Purchase Price
for all Commercial Product after each SANQUIN Approval Date. All invoices shall
be due and payable within thirty (30) calendar days after receipt of the Product
by LEVPHARMA. If LEVPHARMA disagrees for any reason with the amount of an
invoice submitted by SANQUIN, LEVPHARMA shall notify SANQUIN in writing of such
disagreement within thirty (30) calendar days of receipt of such invoice, and
the Parties shall promptly attempt to resolve the difference. SANQUIN shall
reference LEVPHARMA's Purchase Order on all invoices.

                        ARTICLE VI - TERMS AND CONDITIONS

6.1 Processing, Changes to Processing. SANQUIN shall perform services under this
Agreement in compliance with current Good Manufacturing Practices, the SANQUIN
standard operating procedures in effect as of the date of this Agreement,
including any written revisions as may later be required by either party, and
the Specifications and Manufacturing Standards as described in Sections 4.1(d)
and (e). SANQUIN shall not implement any changes, material or otherwise,
relating to the Product or its Process procedures without first obtaining the
written approval of LEVPHARMA, which approval shall not be unreasonably
withheld. A change is defined as any variation in the written procedures
currently in place that (a) impacts the regulatory commitments for the Product,
(b) may require revalidation, (c) may affect the quality, purity, identity or
strength of the Raw Materials or Product, or (d) would necessarily result in
changing, altering or modifying the Specifications, Manufacturing Standards,
Test Methods, sampling procedures, validation procedures or Master Batch Record
relating to the Product.

                                       18
<PAGE>

6.2 Modifications to Specifications and Manufacturing Standards. LEVPHARMA will
advise SANQUIN in writing of any proposed modifications to the Specifications
and Manufacturing Standards. Upon written acceptance of said modifications,
SANQUIN shall immediately implement the modified documents and procedures
pertinent to the modified Specifications and Manufacturing Standards. Similarly,
SANQUIN shall advise LEVPHARMA in writing of any proposed or required changes in
procedures prior to their implementation.

6.3 Adherence to Specifications and Manufacturing Standards. SANQUIN warrants
that each Product shall be Processed in accordance with the Specifications and
Manufacturing Standards for such Product and shall be Processed in accordance
with applicable regulations of the FDA and applicable Regulatory Authorities in
the other countries in which such Product is approved for commercial sale and in
accordance with the Drug Master File (DMF) pertaining to the SANQUIN facility.
SANQUIN shall provide to LEVPHARMA such information as LEVPHARMA may require
with respect to the facility and the Process in connection with LEVPHARMA or its
licensees or distributors obtaining Regulatory Approval for commercial sale of
the Product.

6.4 Inspection by LEVPHARMA. SANQUIN shall permit LEVPHARMA representatives to
enter SANQUIN's facility upon reasonable notice and at reasonable intervals
during regular business hours for the purpose of making quality control
inspections of the facilities used in manufacturing, receiving, sampling,
analyzing, storing, handling, packaging, and shipping of the Raw Materials and
Product as LEVPHARMA may reasonably request. LEVPHARMA shall also have the right
to have suitable representatives present in SANQUIN's plant to observe the
Processing of the Product, storing, and shipping processes relevant to the
Product.

                     ARTICLE VII - CONFIDENTIAL INFORMATION

7.1 Mutual Confidentiality. Except to the extent expressly authorized by this
Agreement, during the term of this Agreement and for a period of five (5) years
following the expiration or termination of this Agreement, neither Party shall:

            (a) Disclose, publish or make available any Proprietary Information
            disclosed to it by the other to any third party, including employees
            who do not need to know or have access to such Proprietary
            Information. Proprietary Information shall mean information which
            contains trade secrets or know-how or commercial or financial
            information which is privileged or confidential.

            (b) Sell, transfer or otherwise use or exploit any such Proprietary
            Information disclosed to it by the other Party.

            (c) Knowingly permit the sale, transfer, use or exploitation by a
            third party of any such Proprietary Information disclosed to it by
            the other Party which may have been disclosed to such third party,
            including employees who do not need to know or have access to such
            Proprietary Information.

                                       19
<PAGE>

Proprietary Information shall not be deemed to include information that:

            (i) is or becomes known publicly through no fault of the receiving
            party;

            (ii) is learned by the receiving party from a third party entitled
            to disclose it;

            (iii) is developed by the receiving party independent of the
            information obtained from the disclosing party as shown by the
            receiving party's written records;

            (iv) is already known to the receiving party before disclosure by
            the disclosing party, as shown by prior written records; or

            (v) is released with the prior written consent of the disclosing
            party.

7.2 Publicity. During the term of this Agreement, neither Party shall make any
press release or other disclosure of the terms of this Agreement without the
prior written consent of the other Party, except as required by a court of
competent jurisdiction and pursuant to the disclosure requirements of Regulatory
Authorities, including the Securities and Exchange Commission.

7.3 Disclosures. Notwithstanding the provisions of Section 7.1 hereof, SANQUIN
and LEVPHARMA may, to the extent necessary, disclose and use Proprietary
Information (a) for the purpose of securing institutional or government approval
to clinically test or market any Product, (b) to the extent necessary or useful
to commercialize any Product if such Proprietary Information is disclosed in a
manner that preserves the confidentiality thereof upon terms reasonably
equivalent to those set forth herein; provided, however, that in each such
instance any such disclosure shall be made to persons which either have agreed
to be bound by or are already subject to a duty of confidentiality, for the
benefit of a party hereto, substantially the same as that set forth in Section
7.1 hereof, wherever reasonably possible.

                  ARTICLE VIII - WARRANTIES AND REPRESENTATIONS

8.1 Warranties and Representations of SANQUIN. SANQUIN represents and warrants
to LEVPHARMA that:

            i) SANQUIN is a not-for-profit organization validly existing under
            the laws of the Netherlands and has all necessary power to enter
            into and perform its obligations under this Agreement;

            ii) The execution, delivery and performance of this Agreement by
            SANQUIN has been duly authorized and approved by all necessary
            action and the Agreement is binding upon and enforceable against
            SANQUIN in accordance with its terms, except as such enforceability
            may be limited by bankruptcy, insolvency, fraudulent transfer,
            reorganization, moratorium and other similar laws and general
            principles of equity;

            iii) all quantities of product delivered to LEVPHARMA shall be
            manufactured, tested, and released in compliance with cGMP and the
            Specification and Manufacturing Standards; and

            iv) any document provided to LEVPHARMA concerning the Product, the
            Master Batch Record or the Working Batch Record is to the knowledge
            of SANQUIN, accurate.

                                       20
<PAGE>

8.2 Warranties and Representations of LEVPHARMA. LEVPHARMA represents and
warrants to SANQUIN that:

            i) LEVPHARMA is a corporation validly existing under the laws of the
            state of Delaware and has all necessary power to enter into and
            perform its obligations under this Agreement; and

            ii) the execution, delivery and performance of this Agreement by
            LEVPHARMA has been duly authorized and approved by all necessary
            corporate action and the Agreement is binding upon and enforceable
            against LEVPHARMA in accordance with its terms, except as such
            enforceability may be limited by bankruptcy, insolvency, fraudulent
            transfer, reorganization, moratorium and other similar laws and
            general principles of equity.

            iii) for the entire period the Product is in possession and under
            the responsibility of LEVPHARMA, i.e. as from the time the Product
            is shipped by SANQUIN "F.O.B., Amsterdam", until such time the
            Product has been successfully distributed, marketed, offered for
            sale, sold and/or imported by LEVPHARMA to a third party, user of
            the Product, LEVPHARMA shall comply with the mutually agreed upon
            HANDLING SPECIFICATIONS.

                    ARTICLE IX INDEMNIFICATION AND INSURANCE

9.1 Indemnification by LEVPHARMA. LEVPHARMA shall defend, indemnify and hold
harmless SANQUIN, its officers, agents, employees and Affiliates from any loss,
claim, action, damage, expense or liability (including defense costs and
attorneys' fees) ("CLAIM") arising out of or related to the breach of any
representation or warranty made by LEVPHARMA, except to the extent that the
Claim is based on, arises out of, or is due to the failure of SANQUIN to Process
the Product in accordance with the Specifications or the Manufacturing
Standards, an error or omission in the Processing of the Product, the gross
negligence or willful misconduct of, or breach of this Agreement by, SANQUIN or
its officers, agents, employees or Affiliates. SANQUIN shall promptly notify
LEVPHARMA of any such claim coming to its attention and will cooperate with
LEVPHARMA in the defense of such claim. If any such claims or causes of action
are made, SANQUIN shall be defended by counsel selected by LEVPHARMA, subject to
SANQUIN's approval, which shall not be unreasonably withheld. SANQUIN reserves
the right to be represented by its own counsel at its own expense.

9.2. Indemnification by SANQUIN. SANQUIN shall defend, indemnify and hold
harmless LEVPHARMA, its officers, agents, employees and Affiliates from any
Claim, arising out of or related to the breach of any representation or warranty
made by SANQUIN herein, SANQUIN's negligence or misconduct, the failure to
Process the Product in accordance with the Specifications and the Manufacturing
Standards, infringement of any third party's intellectual property relating to
the manufacturing, importing, use or sale of the Product, or an error or
omission in the Processing of the Product, except to the extent that the Claim
is based on, arises out of, or is due to the gross negligence or willful
misconduct of, or breach of this Agreement by, LEVPHARMA or its officers,
agents, employees or Affiliates. LEVPHARMA shall promptly notify SANQUIN of any
such claim coming to its attention and will cooperate with SANQUIN in the
defense of such claim. If any such claims or causes of action are made,
LEVPHARMA shall be defended by counsel selected by SANQUIN, subject to
LEVPHARMA's approval, which shall not be unreasonably withheld. LEVPHARMA
reserves the right to be represented by its own counsel at its own expense.

                                       21
<PAGE>

9.3 Insurance. LEVPHARMA and SANQUIN each represent that they are sufficiently
self-insured or insured against any liability arising under this Article IX. The
Parties have agreed to include in the Product price the cost of liability
insurance for SANQUIN's US obligations under this Agreement. SANQUIN shall
obtain liability insurance, including coverage for indirect damages, as follows:

            Clinical Study Supply: a minimum of * EURO per occurrence, * EURO
            aggregate;

            Commercial Supply: a minimum of * EURO per occurrence, * EURO
            aggregate.

In the event that SANQUIN is unable, through the exercise of all commercially
reasonable efforts as documented through SANQUIN's records, to obtain liability
insurance for its US obligations under this Agreement under commercially
reasonable terms, whereby it is to be understood that liability insurance will
only be considered as having been obtained under commercially reasonable terms
if the actual cost for said insurance under this Agreement will not exceed *
EURO per year in total, SANQUIN shall initiate the following procedure:

            i) SANQUIN shall provide written notice to LEVPHARMA of its
            inability to obtain liability insurance for its US obligations under
            this Agreement under commercially reasonable terms;

            ii) SANQUIN shall cooperate with LEVPHARMA, at LEVPHARMA's request,
            in obtaining liability insurance for SANQUIN's US obligations under
            this Agreement under commercially reasonable terms.

            iii) In the event that SANQUIN remains unable to obtain liability
            insurance for its US obligations under this Agreement under
            commercially reasonable terms for a period longer than six (6)
            months from the date of its notification to LEVPHARMA under Section
            9.3 (i), SANQUIN shall have the right to terminate this Agreement.

            iv) In the event SANQUIN uses its right to terminate the Agreement,
            in execution of the provisions of Section 9.3 (iii), neither Party
            shall be liable to the other Party as a consequence of such
            termination.

9.4 Limitation.

(a) First Party Liability. LEVPHARMA and SANQUIN accept and agree that in the
event one party is required to indemnify the other party for any liability
arising under this Article IX, and in accordance with the provisions under this
Article IX, that this one party shall only be required to indemnify the other
party for (i) direct damages, and (ii) damages linked and/or related directly to
the recall and/or withdrawal of any Product, subject to the provisions of
Article X of this Agreement. LEVPHARMA and SANQUIN explicitly accept and agree
that under no circumstance, within the scope of the present contractual
relationship between both parties, shall one party be required to indemnify the
other party for punitive damages, pain and suffering, and loss of compensation,
arising out or related to the breach of any representation, warranty or other
contractual obligation by one or the other party.

                                       22
<PAGE>

(b) Third Party Liability to Distributors. In the event a third party
distributor (excluding a third party consumer) asserts a Claim against LEVPHARMA
for: (i) damages caused by a defective Product (including damages caused by a
hidden defect), or (ii) damages resulting from the negligence of SANQUIN, and
except to the extent that such Claim is based on the failure of LEVPHARMA to
comply with the Handling Specifications, SANQUIN will assume full and sole
liability for all indirect damages, provided, however, that in no circumstance
shall such liability exceed the policy limits for SANQUIN's insurance as stated
in Section 9.3.

(c) Third Party Liability to Consumers of the Products. In the event a third
party consumer asserts a Claim against LEVPHARMA for: (i) damages caused by a
defective Product (including damages caused by a hidden defect), or (ii) damages
resulting from the negligence of SANQUIN, and except to the extent that such
Claim is based on the failure of LEVPHARMA to comply with the Handling
Specifications, SANQUIN will assume full and sole liability for all direct and
indirect damages resulting therefrom.

                       ARTICLE X - RECALLS AND WITHDRAWALS

10.1 Implementation. If any Product must be recalled or withdrawn by reason of
failure to meet any applicable Specifications, Manufacturing Standards,
requirements of the FDA or any other applicable Regulatory Authority or any
other requirements of law, LEVPHARMA shall have the sole responsibility to
effect the recall or withdrawal of the Product. SANQUIN shall cooperate as
reasonably required in LEVPHARMA's efforts, and shall notify LEVPHARMA if it is
determined by SANQUIN that such a recall or withdrawal is warranted based on
SANQUIN's quality control findings.

10.2 Costs. LEVPHARMA shall reimburse SANQUIN for any costs reasonably expended
by SANQUIN to effect the recall or withdrawal, unless the reason for the recall
or withdrawal is due to SANQUIN's failure to Process the Product in accordance
with the Specifications and the Manufacturing Standards, a manufacturing error
or omission, or the negligence of SANQUIN. In such case, SANQUIN shall reimburse
LEVPHARMA for any costs reasonably expended to effect the recall or withdrawal.

                         ARTICLE XI - RECORDS AND AUDITS

11.1 Maintenance of Records. During the term of this Agreement and for ten (10)
years or such other period required by the Regulatory Authorities after the
expiration date of any particular Batch of Product manufactured by SANQUIN for
LEVPHARMA, SANQUIN shall maintain records and samples relating to such Batch(es)
sufficient to substantiate and verify its duties and obligations hereunder,
including but not limited to records of orders received, Raw Materials provided
including the source and donor information of the human plasma, Product
manufactured, work in progress, validation reports, Processing analyses and
quality control tests, and the like.

                                       23
<PAGE>

11.2 Audits. LEVPHARMA shall be responsible for all obligations under the
regulations of all applicable Regulatory Authorities, except for routine
stability testing and sample retention. Stability testing shall be included in
the Cost of Manufacturing. LEVPHARMA shall immediately inform SANQUIN of all FDA
or other regulatory audits pertinent to LEVPHARMA's Raw Materials, Product or
Specifications. LEVPHARMA shall inform SANQUIN in advance of planned FDA or
other regulatory audits as soon as the schedule therefor is known. LEVPHARMA
shall provide SANQUIN with copies of any regulatory letters or other documents
issued by the FDA or other Regulatory Authorities in connection with the audit
or inspection within five (5) days of LEVPHARMA's receipt of such a document.

11.3 Review of Records. SANQUIN shall allow LEVPHARMA representatives, upon
reasonable notice and at reasonable intervals during normal business hours, to
enter SANQUIN's plant for the purpose of taking inventories. SANQUIN shall
further allow LEVPHARMA representatives, upon reasonable notice and at such
intervals as may be reasonably necessary, to examine and copy the records
referenced in Section 11.1 and test the samples according to the procedures
outlined in the Quality Agreement as referenced in Section 4.1(f) during normal
business hours for product liability, regulatory and quality control purposes.

                       ARTICLE XII - TERM AND TERMINATION

12.1 Term. Subject to the termination provisions of Sections 4.11, 9.3 and 12.2,
the initial term of this Agreement shall commence as of the Effective Date and
end on December 31, 2007. The parties hereby agree to the following:

a) LEVPHARMA shall have the absolute right to extend the term of this Agreement
for up to six (6) years in two (2) 3 -year periods upon the written notification
by LEVPHARMA to SANQUIN of its intention to do so no later than 6 months before
the Agreement or an extension of the Agreement terminates.

b) This Agreement may be extended by the mutual written agreement of the parties
at any time prior to its expiration .

12.2 Termination.

Either Party shall have the right to terminate this Agreement in case LEVPHARMA
does not obtain FDA approval for the Clinical Development Plan or secures the
support of a Clinical Research Organization to conduct the Clinical Study as
defined in the Clinical Development Plan before December 31, 2004. LEVPHARMA
shall use its best efforts in order to endeavor to obtain FDA approval for the
Clinical Development Plan before December 31, 2004. SANQUIN shall assist and
cooperate fully with LEVPHARMA in LEVPHARMA's efforts to obtain approval before
December 31, 2004 .

                                       24
<PAGE>

In addition, each Party shall have the right to terminate this Agreement by
giving the other Party written notice if:

            (a) the other Party fails to perform or violates any material
            provision of this Agreement in any material respect, and such
            failure continues unremedied for a period of thirty (30) days after
            the date the notifying Party gives written notice to the defaulting
            Party with respect thereto;

            Parties unconditionally agree that the following events are
            certainly to be considered and understood as a failure to perform
            with or a violation of a material provision of this Agreement in any
            material respect, which, in case such failure continues unremedied
            for a period of ninety (90) days after the date the notifying Party
            gives written notice to the defaulting Party with respect thereto,
            gives the notifying Party the right to terminate this Agreement
            under the provisions of this article 12.2 (a).

            (i) LEVPHARMA after receiving complete and timely support and
            cooperation from SANQUIN fails to complete the enrollment (to be
            interpreted here as "last patient out") of the Clinical Study within
            18 months of its initiation, or

            (ii) LEVPHARMA after receiving complete and timely support and
            cooperation from SANQUIN fails to submit the BLA in the USA within
            12 months of completion of the Clinical Study; or

            (iii) LEVPHARMA fails to obtain marketing approval in the USA within
            18 months of submitting the BLA; or

            (iv) LEVPHARMA fails within a period of 12 consecutive months, for
            whatever reason, to settle and pay three (3) invoices for Commercial
            Product issued by SANQUIN, within the contractual due date set out
            in Section 5.2 b) of this Agreement; or

            (v) LEVPHARMA fails to make payments pursuant to the licensing
            agreement which may be entered into between LEVPHARMA and the
            Sanquin Blood Foundation as contemplated by the Option Agreement
            between LEVPHARMA and the Sanquin Blood Foundation dated as of 9/23,
            2003. In the event that LEVPHARMA is in payment default of this
            license agreement, SANQUIN shall notify LEVPHARMA of such payment
            default by written notice and LEVPHARMA shall have a period of
            thirty (30) days after the date of notice to remedy the payment
            default; or

            (vi) LEVPHARMA fails to comply with the provisions of Section 4.1
            (c) of this Agreement, which sets out the minimum annual purchase of
            units of Commercial Product by LEVPHARMA from SANQUIN; or

            (vii) SANQUIN fails to cooperate with LEVPHARMA or any Regulatory
            Authority or supply material to LEVPHARMA, the consequences of which
            are that LEVPHARMA fails to meet any of the milestones enumerated in
            section 12.2 (a) (i) or (ii).

            or

                                       25
<PAGE>

            (b) the other Party is declared insolvent or bankrupt by a court of
            competent jurisdiction, or a voluntary petition of bankruptcy is
            filed in any court of competent jurisdiction by the other Party, or
            the other Party makes or executes any assignment for the benefit of
            creditors, or a receiver is appointed to control the business of the
            other Party; or

            (c) the FDA orders that SANQUIN cease Processing Product for the US
            market.

This Agreement shall terminate immediately upon the giving of notice of
termination pursuant to this Section 12.2. Neither Party shall be liable to the
other Party as a consequence of termination pursuant to this Section 12.2.

                     ARTICLE XIII - TRADEMARKS AND LABELING

13.1. Prohibitions. SANQUIN shall not affix to the Product, or any packaging
thereof, any label, stamp or other mark identifying SANQUIN as the source of the
Product except as may be required by applicable laws or regulations.

13.2 Use by SANQUIN. Nothing contained herein shall give SANQUIN any right to
use any LEVPHARMA copyright or trademark, and SANQUIN shall not obtain any
right, title, or interest in any LEVPHARMA trademark by virtue of this Agreement
or its performance of services hereunder.

                      ARTICLE XIV - RELATIONSHIP OF PARTIES

It is not the intent of the Parties hereto to form any partnership or joint
venture. Each Party shall, in relation to its obligations hereunder, act as an
independent contractor, and nothing in this Agreement shall be construed to give
such party the power or authority to act for, bind or commit the other Party in
any way whatsoever.

                             ARTICLE XV - WARRANTIES

Other than as expressly set forth elsewhere in this Agreement, neither LEVPHARMA
nor SANQUIN shall be liable for direct, indirect, special, incidental or
consequential damages (including loss of profits) whether based on contract,
tort or any other legal theory.

                     ARTICLE XVI - ASSIGNMENT AND DELEGATION

This Agreement shall be binding upon and inure to the benefit of the Parties,
their successors and permitted assigns. Neither Party may assign this Agreement
without the prior written consent of the non-assigning Party, which shall not be
unreasonably withheld.

                                       26
<PAGE>

In addition, Parties agree to the following:

            i) Prior to LEVPHARMA entering into any agreement to merge, be
            acquired or sell substantially all of its assets to another company,
            SANQUIN shall have the right to conduct due diligence to establish
            that said company is not to be considered as a Competitor.

            ii) LEVPHARMA shall not enter into any agreement to merge, be
            acquired or sell substantially all of its assets with a Competitor
            of SANQUIN without the prior written consent of SANQUIN, which shall
            not be unreasonably withheld.

            ii) LEVPHARMA agrees that any transferee or assignee of this
            Agreement from LEVPHARMA shall be bound by and subject to all of the
            terms and conditions of this Agreement.

                          ARTICLE XVII - GOVERNING LAW

This Agreement shall be governed by and interpreted in accordance with the UN
Convention on contracts for the international sale of goods (Vienna, 1980), to
the extent that the provisions of said Convention are consistent with the
provisions of the Agreement. Issues not covered by said Convention will be
governed by and interpreted in accordance with the laws of the Netherlands.

                    ARTICLE XVIII - MEDIATION AND ARBITRATION

Both Parties agree that they shall attempt to resolve any dispute arising from
this Agreement through mediation. Both Parties agree that at least one LEVPHARMA
representative, capable of negotiating an agreement on behalf of LEVPHARMA,
shall, within three weeks of receipt of written notification of a dispute, meet
with at least one representative of SANQUIN who is capable of negotiating an
agreement on behalf of SANQUIN. If no agreement can be reached, both Parties
agree to meet again within a four week period after the initial meeting to
negotiate in good faith to resolve the dispute. Such meetings may take place at
the principle offices of either Party, or at a location mutually agreeable to
both Parties. The Parties agree to alternate such meeting places and times
between the US and Europe. If no agreement can be reached after this second
meeting, both Parties agree to submit the dispute to binding arbitration under
the Rules of the American Arbitration Association before a three-arbitrator
panel.

                                       27
<PAGE>

                              ARTICLE XIX - WAIVER

A failure by one of the Parties to this Agreement to assert its rights for or
upon any breach or default of this Agreement shall not be deemed a waiver of
such rights nor shall any such waiver be implied from acceptance of any payment.
No such failure or waiver in writing by any one of the Parties hereto with
respect to any rights shall extend to or affect any subsequent breach or impair
any right consequent thereon.

                            ARTICLE XX - SEVERABILITY

The Parties agree that it is the intention of neither Party to violate any
public policy, statutory or common laws, and governmental or supranational
regulations; that if any sentence, paragraph, clause or combination of the same
is in violation of any applicable law or regulation, or is unenforceable or void
for any reason whatsoever, such sentence, paragraph, clause or combinations of
the same shall be inoperative and the remainder of the Agreement shall remain
binding upon the Parties.

                           ARTICLE XXI - FORCE MAJEURE

Neither Party hereto shall be liable to the other in damages for, nor shall this
Agreement be terminable by reason of, any delay or default in such Party's
performance hereunder, if such delay or default is caused by conditions beyond
such Party's control including, but not limited to, acts of God, war,
insurrection, civil commotion, destruction of production facilities or materials
by earthquake, fire, flood or storm, labor disturbances including strikes or
lockouts, epidemic or failure of suppliers, public utilities or common carriers.
Each Party hereto agrees to promptly notify the other Party of any event of
force majeure under this Article and to employ all reasonable efforts toward
prompt resumption of its performance hereunder when possible if such performance
is delayed or interrupted by reason of such event.

                             ARTICLE XXI I- NOTICES

All notices and other communications required or desired to be given or sent by
one Party to the other Party shall be in writing, in the English language, and
shall be deemed to have been given

            (a) on the date of delivery, if delivered to the persons identified
            below,

            (b) five calendar days after mailing if mailed, with proper postage,
            by certified or registered airmail, postage prepaid, return receipt
            requested, addressed as set forth below,

            (c) on the date of receipt if sent by telex or telecopy, and
            confirmed in writing in the manner set forth in (b)on or before the
            next day after the sending of the telex or telecopy, or

                                       28
<PAGE>

            (d) two business days after delivered to an internationally
            recognized overnight courier service marked for overnight delivery,
            as follows:

To LEVPHARMA:            236 Old Lancaster Road
                         Merion Station, PA 19066
                         Attn: Yanina Wachtfogel
                         Telephone: 1 (610) 664-9438

To SANQUIN               Plesmanlaan 125
                         NL 1066 CX
                         Amsterdam
                         The Netherlands

                         Attn: managing director of the Plasma Products Division
                         Telephone: + 31 20 512 3744

Any Party may change such Party's address for notices by notice duly given
pursuant to this Article XXII.

                        ARTICLE XXIII - ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the Parties with respect
to the subject matter hereof and supersedes and replaces all prior agreements,
understandings, writings and discussions between the Parties.

                             ARTICLE XXIV - CAPTIONS

The captions in this Agreement are solely for convenience of reference and shall
not be used for purposes of interpreting or construing the provisions hereof.

                           ARTICLE XXV - COUNTERPARTS

This Agreement may be executed in one or more counterparts, each of which shall
be deemed to be an original, but all of which together shall constitute one and
the same agreement.

                                       29
<PAGE>

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by
their duly authorized representatives, effective on this date first set forth
above.

                                            LEVPHARMA

                                            By:  Y. T. Wachtfogel
                                                 ------------------------------
                                            Its: president and COO
                                                 ------------------------------

                                            SANQUIN

                                            By:  Dr T.J.F. Buunen
                                                 ------------------------------
                                            Its: chairman of the executive board
                                                 -------------------------------

                                       30CONFIDENTIAL

                                                                    EXHIBIT 10.4

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY
FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST.
OMISSIONS ARE DESIGNATED AS *. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

                               LEVPHARMA - SANQUIN
                           EXCLUSIVE LICENSE AGREEMENT

This Agreement, effective this, January 27, 2004 between

      Sanquin Blood Supply Foundation, hereinafter called SANQUIN and LEV
PHARMACUTICALS, INC., a corporation organized and existing under the laws of the
State of Delaware with a principal place of business in the State of New York,
hereinafter called LEVPHARMA.

      WHEREAS, SANQUIN, under the direction of principal investigator Eric Hack,
M.D. has discovered and developed certain technology relating to C1 esterase
inhibitor and the diagnosis, prevention and treatment of inflammatory diseases
and in particular myocardial infarction, which technology includes the use of C1
esterase inhibitor for the treatment of Acute Myocardial Infarction (AMI); and

      WHEREAS, SANQUIN represents that it has the right to grant licenses
granted in this agreement, and for the purpose of this agreement, any reference
to SANQUIN Patent Rights and SANQUIN Know-How shall mean the use of C1 Esterase
Inhibitor in AMI (the "Technology"); and

      WHEREAS, LEVPHARMA wishes to obtain a license under the terms and
conditions hereinafter set forth, and to use its expertise and resources to
develop, manufacture and market the Technology;

      NOW THEREFORE, in consideration of the premises and the faithful
performance of the covenants herein contained, IT IS AGREED:

                             ARTICLE I. Definitions

Section 1.01 SANQUIN Know-How. "SANQUIN Know-How" shall mean the ideas, methods,
inventions, trade secrets, improvements, characterization and techniques
developed by Dr. Hack relating to the use of C1 Esterase Inhibitor in AMI (the
"Technology') defined above, including, without limitation, all submitted and
granted world-wide patents described in "C1 Esterase Inhibitor in AMI" as
described in Exhibit A as well as any know-how, trade secrets, inventions and
improvements arising in whole or in part from the Sponsored Research of Section
5.01(a) herein.

Section 1.02 SANQUIN Patent Rights. "SANQUIN Patent Rights" shall mean the
patents and patent filings listed in Exhibit A hereto as well as any patents and
patent applications relating to any know-how, inventions and improvements
arising in whole or in part from the Sponsored Research of Section 5.01(a)
herein; including any provisionals, continuations, continuations-in part,
divisions, reissues, reexaminations or extensions thereof or any United States
or foreign patents issuing therefrom.

Section 1.03 Licensed Technology. "Licensed Technology" shall mean any use of
the Technology (use of C1 Inhibitor in the treatment of AMI) or processes
covered by or made, in whole or in part, by the use of SANQUIN Know-How or
covered by a Valid Claim of a patent included in SANQUIN Patent Rights.

<PAGE>

Section 1.04 Licensed Product. "Licensed Product" shall mean any product made,
in whole or in part, by the use of SANQUIN Know-How or covered by a Valid Claim
of a patent included in SANQUIN Patent Rights or developed as a result of the
Sponsored Research.

Section 1.05 Field. The "Field" of this Agreement shall mean the research,
development, making, using, offering for sale, selling and/or importing of
products and methods for the diagnosis, prevention and treatment of myocardial
infarction, and related disorders in humans and animals, including, without
limitation, a Diagnostic Use and a Therapeutic Use of products and methods.

Section 1.06 Subsidiary. "Subsidiary" shall mean a legal entity at least 50% of
the voting stock of which is owned directly or indirectly by LEVPHARMA.

Section 1.07  Agreement.  "Agreement" shall mean this License Agreement.

Section 1.08 Net Sales. "Net Sales" shall mean the gross sales price actually
charged by LEVPHARMA or an Affiliate, Subsidiary or Sublicensee in the
Commercial Sale of C1 Esterase Inhibitor for use in, less:

         (a) trade, prompt payment, quantity or cash discounts, rebates, and
         non-affiliated brokers' or agents' commissions, each as actually and
         customarily allowed and taken;

         (b) amounts actually repaid or credited to customers on account of
         rejections or returns of specified products on which royalties have
         been paid hereunder to SANQUIN or on account of retroactive price
         reductions affecting such products;

         (c) customary freight and other transportation costs, including
         insurance charges, and duties, tariffs, sales, use and excise taxes and
         other governmental charges based directly on sales, turnover or
         delivery of the specified products and actually paid or allowed by
         LEVPHARMA or an Affiliate, Subsidiary or sublicensee of LEVPHARMA.

         (d) commercially reasonable allowances for bad debts not to exceed five
         (5)% of gross sales, incurred with respect to the Licensed Products
         during the first full year of Commercial Sales of any such Licensed
         Product, provided that such bad debt reserve shall be deemed
         extinguished within 180 days of the end of such first full year, and
         any amount of such reserve not actually debited in accordance with
         commercially reasonable practices during that period shall be deemed to
         be receipts of Net Sales for all purposes of this Agreement.

Section 1.09 Effective Date. "Effective Date" shall mean the date first written
above and shall be the Effective Date of this Agreement.

Section 1.10 License Year. The "First License Year" shall mean the period
commencing on the Effective Date and ending December 31, 2003. The second and
all subsequent "License Years" shall commence on January 1 and end on December
31 of each year.

                                       2
<PAGE>

Section 1.11 Calendar Quarter. "Calendar Quarter" shall mean the periods ending
on March 31, June 30, September 30 and December 31 of each year.

Section 1.12 Affiliate. "Affiliate" shall mean, as to any person or entity, any
other person or entity which directly or indirectly controls, is controlled by,
or is under common control with such other person or entity and it shall include
Subsidiaries as defined herein. For purposes of the preceding definition,
"control" means the right to control, or actual control of, the management of
such other entity, whether by ownership of voting securities, by agreement, or
otherwise.

Section 1.13 Commercial Sale. "Commercial Sale" shall mean any transfer to
another person or entity (including a distributor, wholesaler or sales agent),
for value, after which transfer the seller has no right, power or authority to
determine the transferee's resale price, if any. A transfer by LEVPHARMA to an
Affiliate or Subsidiary, sublicensee, or a transfer among or between Affiliates
and/or sublicensees, shall not constitute a Commercial Sale. "Commercial Sale"
does not include distribution of free promotional samples of any Licensed
Product or distribution or free promotional samples for use in the Licensed
Technology by LEVPHARMA or any of its Affiliates or sublicensees in amounts
determined to be commercially reasonable by LEVPHARMA in the exercise of its
reasonable discretion.

Section 1.14 Valid Claim. "Valid Claim" shall mean a claim of an issued,
unexpired patent that has not been held to be invalid or unenforceable by the
applicable administrative or judicial authority in a given territory.

Section 1.15 Diagnostic Use. "Diagnostic Use" shall mean the use of the Licensed
Technology or a Licensed Product in an assay or test.

Section 1.16 Therapeutic Use. "Therapeutic Use" shall mean the use of the
Licensed Technology or a Licensed Product in the treatment of a human or animal
and which is not a Diagnostic Use.

Section 1.17 Approval. "Approval" shall mean all approvals, licenses,
registrations and authorizations of all governmental agencies in a country
necessary for the manufacture, use, offer for sale, sale or import of the
Licensed Technology or a Licensed Product in the applicable country.

Section 1.18 First Commercial Sale. "First Commercial Sale" shall mean, with
respect to any Licensed Technology and/or Licensed Product, the first sale for
use or consumption by the general public of such Licensed Technology or Licensed
Product in each country following Approval, or otherwise permitted, by the
governing health authority of such country.

Section 1.19 Phase III Clinical Trial. "Phase III Clinical Trial" shall mean a
human clinical trial, the principal purpose of which is to establish safety and
efficacy in patients with the disease being studied as required in 21 C.F.R.
ss.312, or similar clinical study prescribed by the regulatory authorities in a
country other than the United States. A Phase III Clinical Trial shall also
include any other human clinical trial intended as a Pivotal Study. A Phase III
Clinical Trial shall be deemed to have commenced when the first patient has been
enrolled.

                                       3
<PAGE>

Section 1.20 Development and Commercialization Plan. "Development and
Commercialization Plan" shall mean LEVPHARMA'S plan for the further development
and commercialization of the Licensed Technology and any potential Licensed
Products in the Field, see Exhibit B hereto.

Section 1.21 Research Plan. "Research Plan" shall mean the comprehensive plan
for the commercial exploitation of the Licensed Technology as more fully
described in Article V. The Research Plan shall also contain a Sponsored
Research Plan, which shall mean the plan described in Section 5.01(a). The
initial Sponsored Research Plan is included as Exhibit C hereto.

                                ARTICLE II. Grant

Section 2.01 License Grant. SANQUIN hereby grants to LEVPHARMA and its
Affiliates an exclusive, world-wide, royalty-bearing license under SANQUIN
Know-How and SANQUIN Patent Rights in the Field, including, without limitation,
the right to perform research for, develop, make, have made, use, offer for
sale, sell and/or import the Licensed Technology and Licensed Products in the
Field.

Section 2.02 Sublicenses. LEVPHARMA shall have the right to grant sublicenses to
third parties, under SANQUIN Know-How and SANQUIN Patent Rights to make, have
made, use, offer for sale, sell and/or import the Licensed Technology and
Licensed Products. LEVPHARMA covenants that any sublicensees shall act in
accordance with this Agreement as if they were a party thereto and, furthermore,
agrees to be responsible for the performance hereunder by its sublicensees.
LEVPHARMA shall promptly provide SANQUIN with copies of all sublicenseing
contracts under the SANQUIN Knowhow and/or SANQUIN Patent Rights.

Section 2.03 Patents. LEVPHARMA shall, within 60 days of execution of this
Agreement, reimburse SANQUIN for all expenses SANQUIN has incurred for the
mutually acceptable and agreed upon preparation, filing, prosecution and
maintenance of SANQUIN Patent Rights both prior to and as of the Effective Date.
The parties agree that this amount shall be $82,000. SANQUIN and LEVPHARMA shall
jointly control, including selection of outside counsel and consultants, all
future preparation, filing, prosecution and maintenance of SANQUIN Patent
Rights, for which LEVPHARMA shall reimburse SANQUIN for any and all future out
of pocket expenses (e.g., outside attorney fees, patent office registration and
renewal costs etc.) relating to such. If LEVPHARMA chooses to discontinue
prosecution or maintenance of any patent or patent application, which is a
subject of SANQUIN Patent Rights, it will so inform SANQUIN within a reasonable
time before implementation of such decision. SANQUIN then shall have the right
to prosecute or maintain such patent or patent application on its own and at its
own expense, in which case the license to LEVPHARMA under such patent or patent
application will terminate. LEVPHARMA shall notify SANQUIN by at least three (3)
months before the first anniversary of the application filing date whether it
will support the filing of patent applications, corresponding to the
aforementioned patent and patent application in foreign countries. If LEVPHARMA
decides not to support the filing or maintaining of foreign applications,
SANQUIN reserves the right to file or maintain such foreign applications, in
which case the license to LEVPHARMA in the particular territory in which such
foreign application is filed will terminate.

                                       4
<PAGE>

Section 2.04. Transfer of Biological Materials. SANQUIN retains ownership of all
SANQUIN biological materials transferred to LEVPHARMA. Upon termination of this
Agreement, LEVPHARMA agrees to dispose of SANQUIN biological materials as
directed by SANQUIN. At SANQUIN's election, this shall mean either the return or
the transfer to a designated third party or the destruction of all or part of
the SANQUIN biological materials. All reasonable expenses incurred in the
return, transfer or disposal of the SANQUIN biological materials shall be borne
by LEVPHARMA.

If LEVPHARMA enters into an agreement with a third party to produce Licensed
Products for LEVPHARMA using the SANQUIN biological materials, LEVPHARMA shall
require that (i) such third party has the prior written consent of SANQUIN,
which shall not be unreasonably withheld and (ii) the third party agrees to
abide by the restrictions as to distribution of the SANQUIN biological materials
set forth in this section and to undertake the necessary precautions to
safeguard the Sanquin biological materials.

SANQUIN shall not provide SANQUIN's C1 esterase inhibitor to any third party for
use in acute myocardial infarction, without the express written consent of
LEVPHARMA. Such consent shall not be unreasonably withheld.

    ARTICLE III. Disclosure of Invention, Confidentiality and Representations

Section 3.01 Disclosure of Know-How. SANQUIN agrees promptly after the Effective
Date of this Agreement to deliver and to disclose to duly authorized
representatives of LEVPHARMA, all proprietary technical data, methods,
processes, including the technology, and other information and specifications
relating to SANQUIN Know-How.

Section 3.02 Mutual Confidentiality. LEVPHARMA and SANQUIN realize that some
information received by one party from the other pursuant to this Agreement
shall be confidential. It is therefore agreed that any information received by
one party from the other, and clearly designated in writing as "CONFIDENTIAL" at
the time of transfer, shall not be disclosed by either party to any third party
and shall not be used by either party for purposes other than those contemplated
by this Agreement for a period of three (3) years from the termination of the
Agreement, unless or until --

         (a) said information shall become known to third parties not under any
         obligation of confidentiality to the disclosing party, or shall become
         publicly known through no fault of the receiving party, or

         (b) said information was already in the receiving party's possession
         prior to the disclosure of said information to the receiving party,
         except in cases when the information has been covered by a preexisting
         Confidentiality Agreement, or

         (c) said information shall be subsequently disclosed to the receiving
         party by a third party not under any obligation of confidentiality to
         the disclosing party, or

                                       5
<PAGE>

         (d) said information is approved for disclosure by prior written
         consent of the disclosing party, or

         (e) said information is required to be disclosed by court order or
         governmental law or regulation, provided that the receiving party gives
         the disclosing party prompt notice of any such requirement and
         cooperates with the disclosing party in attempting to limit such
         disclosure.

Section 3.03 Corporate Action. SANQUIN and LEVPHARMA each represent and warrant
to the other party that they have full power and authority to enter into this
Agreement and carry out the transactions contemplated hereby, and that all
necessary corporate action has been duly taken in this regard.

                    ARTICLE IV. Payments, Records and Reports

Section 4.01 Payments. For the rights and privileges granted under this license,
LEVPHARMA shall pay to SANQUIN:

         (a) royalties as follows:

                  (1) for a royalty of *% of Net Sales by LEVPHARMA or each
                  sublicensee for any and all Licensed Technology or Licensed
                  Products sold for a Therapeutic Use.;

                  (2)a royalty of *% of Net Sales by LEVPHARMA or each
                  sublicensee for any and all Licensed Technology or Licensed
                  Products sold for a Diagnostic Use. .;

         (b) A non-refundable, non-creditable, one-time license access fee of
         $175,000 due within sixty (60) days of execution of this Agreement, in
         addition to the patent costs reimbursement amount referred to in
         Section 2.03 ;

         (c) Minimum Annual Royalties: LEVPHARMA agrees to pay to SANQUIN
         Minimum Annual Royalties (MAR) beginning in the License Year that
         includes the First Commercial Sale of the Licensed Technology as
         follows:

           o   Year of First Commercial Sale                 Pro Rata share of
                                                             $* based on actual
                                                             number of days from
                                                             First Commercial
                                                             Sale to the end of
                                                             the calendar year.
           o   years 1 - 4 after First Commercial Sale       $ *
           o   years 5 - 9 after First Commercial Sale       $ *
           o   years 10 - 14 after First Commercial Sale     $ *
           o   years 15 - 19 after First Commercial Sale     $ *

                                       6
<PAGE>

         (d) Non-royalty consideration as follows:

                  (1) for Licensed Technology or Licensed Products sold for a
                  Therapeutic Use: * percent (*%) of any consideration received
                  from a patent infringement settlement, less litigation
                  expenditures, as described in Section 7.01;

                  (2) for Licensed Technology or Licensed Products sold for a
                  Diagnostic Use: * percent (*%) of any consideration received
                  from a patent infringement settlement, less litigation
                  expenditures, as described in Section 7.01.

Section 4.02  Reports.  LEVPHARMA shall render to SANQUIN:

         (a) within thirty (30) days after the end of each Calendar Quarter a
         written account of all quantities of Licensed Technology or Licensed
         Products subject to royalty hereunder sold by LEVPHARMA, any
         Subsidiary, Affiliate and any sublicensee during such Calendar Quarter,
         the calculation of royalty thereon, and sufficient data for SANQUIN to
         verify the calculation, including gross sales and allowable deductions
         to derive Net Sales figures, and shall simultaneously pay in United
         States dollars to SANQUIN the royalty due with respect to such sales.
         Conversion of foreign currency to US dollars shall be made at the
         conversion rate existing in the United States as printed in the Wall
         Street Jounal on the date of the royalty payments by LEVPHARMA. Such
         report shall be certified as correct by an officer of LEVPHARMA. If no
         Licensed Technology or Licensed Products subject to royalty hereunder
         have been sold by LEVPHARMA, its Subsidiaries, Affiliates and its
         sublicensees during any such Calendar Quarter, LEVPHARMA shall so
         report in writing to SANQUIN within thirty (30) days after the end of
         said Calendar Quarter. If royalties for any license year do not equal
         or exceed the Minimum Annual Royalties established in Section 4.01(c),
         LEVPHARMA shall include the balance of the Minimum Annual Royalty still
         owing with the payment for the Calendar Quarter ending December 31.
         Late payments shall be subject to an interest charge of one and one
         half percent (1.5%) per month.

         (b) within sixty (60) days after the close of each License Year written
         annual reports which shall include but not be limited to: reports of
         progress on research and development, regulatory approvals,
         manufacturing, sublicensing, marketing and sales during the preceding
         twelve (12) months and plans for the coming year. LEVPHARMA shall also
         provide any reasonable additional data SANQUIN requires to evaluate
         LEVPHARMA's performance.

         (c) within thirty (30) days of its occurrence a report of the date of
         First Commercial Sale of Licensed Technology or Licensed Products in
         each country.

Section 4.03 Books of Accounts. LEVPHARMA, its Subsidiaries, Affiliates and
sublicensees shall keep full, true and accurate books of accounts and other
records containing all particulars which may be necessary for the purpose of
ascertaining and verifying the royalties payable to SANQUIN by LEVPHARMA
hereunder. Upon SANQUIN's request, LEVPHARMA, its Subsidiaries, Affiliates and
sublicensees shall permit an independent Certified Accountant selected by
SANQUIN (except one to whom LEVPHARMA has some reasonable objection), to have
access once each year during ordinary business hours to such records of
LEVPHARMA, its Subsidiaries, Affiliates and sublicensees as may be necessary to
determine, for any quarter ending not more than two (2) years prior to the date
of such request, the correctness of any report and/or payment made under this
Agreement. In the event that any such inspection shows an underreporting and
underpayment in excess of four percent (4%) for any twelve (12) month period,
then LEVPHARMA shall pay the cost of such examination.

                                       7
<PAGE>

           ARTICLE V. Technical Assistance and Commercial Development

Section 5.01 Research Plan. LEVPHARMA shall create a Research Plan. LEVPHARMA
will provide a minimum of $125,000 per year for three years from the Effective
Date for the Research Plan as follows:

         (a) Sponsored Research. LEVPHARMA shall provide $62,500 to SANQUIN for
         each of the three years included above, which includes SANQUIN overhead
         expenses, to support the Research Plan. Dr. Hack shall be the principal
         investigator for this research, and will provide LEVPHARMA an annual
         budget for each year and research plan at least three (3) months prior
         to the beginning of the second year and each year thereafter. LEVPHARMA
         and Dr. Hack will work to mutually agree on the budget and research
         plan. LEVPHARMA shall pay the budgeted amounts to SANQUIN quarterly in
         advance over the period of guaranteed support. All know-how, inventions
         and improvements arising in whole or in part from the Sponsored
         Research and developed or invented by SANQUIN personnel shall be
         assignable to SANQUIN and become subject to this Agreement at no
         additional cost to LevPharma as SANQUIN Know-How and/or SANQUIN Patent
         Rights pursuant to Sections 1.01 and 1.02 herein. SANQUIN shall not
         provide any Biological Materials derived from the Sponsored Research to
         any other entity without the express written consent of LEVPHARMA.

         In the event that Dr. Hack should be, unable, for whatever reason, to
         continue with the Sponsored Research before its completion, SANQUIN
         shall provide a replacement for Dr. Hack which shall be approved by
         LEVPHARMA, such approval shall not be unreasonably withheld. In the
         event that LEVPHARMA does not approve of the replacement, it shall have
         the right to immediately terminate the Sponsored Research subject only
         to the payment of any pro rated amount of the budget that may be due up
         to the date of termination.

         (b) SANQUIN shall provide LEVPHARMA with quarterly reports of the
         progress of the Sponsored Research.

         (c) Additional Research. LEVPHARMA shall provide an additional minimum
         of $62,500 per year to be used to support the Research Plan.

Section 5.02 Technical Assistance. Throughout the term of the Agreement, SANQUIN
agrees to permit LEVPHARMA and its designees to consult with Sanquin and its
employees and agents regarding developments and enhancements made subsequent to
the Effective Date relating to the Licensed Technology and Licensed Products, at
such times and places as may be mutually agreed upon.

                                       8
<PAGE>

Section 5.03 Development and Commercialization Plan. During the term of this
Agreement, LEVPHARMA agrees to use commercially reasonable efforts to
manufacture and market Licensed Technology and Licensed Products. Such efforts
will include sublicensing, development of promotional literature, direct
marketing mailings, and journal advertisements. LEVPHARMA shall keep SANQUIN
informed of LEVPHARMA's annually updated Development and Commercialization Plan
for Licensed Technology and Licensed Products, including LEVPHARMA's planned
timing/timelines for launch dates. All dates and other information provided by
LEVPHARMA to SANQUIN shall be Confidential Information.

Section 5.04 Name. LEVPHARMA shall not use and shall not permit to be used by
any other person or entity the name SANQUIN nor any adaptation thereof, or the
name of any of SANQUIN's employees, in any advertising, promotional or sales
literature, or for any other purpose without prior written permission of
SANQUIN, except that LEVPHARMA may state that it is licensed from SANQUIN under
SANQUIN Know-How and Patent Rights and originated in the laboratory of Eric
Hack. SANQUIN shall not disclose the existence of this Agreement or originate
any publicity, news release or other public announcement, neither written nor
verbal, whether to the public, press or otherwise, relating to this Agreement,
without the prior express written consent of LEVPHARMA.

                  ARTICLE VI. Indemnity, Insurance, Disclaimers

Section 6.01 Indemnity. LEVPHARMA shall defend and indemnify and hold SANQUIN
and its trustees, officers, agents and employees (the "SANQUIN Indemnitees")
harmless from any judgments and other liabilities based upon claims or causes of
action against SANQUIN or its employees which arise out of (i) alleged
negligence in the development, manufacture or sale of Licensed Products by
LEVPHARMA, its Subsidiaries, Affiliates and Sublicensees, unless SANQUIN
manufacturers said Licensed Products and the claim or causes of action arise out
of any defects in the Licensed Products caused by acts or omissions of Sanquin,
or (ii) the use by the end users of Licensed Products, or (iii) any breaches by
LEVPHARMA, its Subsidiaries, Affiliates and Sublicensees of the terms of this
License Agreement, except to the extent that such judgments or liabilities arise
in whole or in part from the, gross negligence, fraud or willful misconduct of
SANQUIN or its employees, provided that SANQUIN promptly notifies LEVPHARMA of
any such claim coming to its attention and that it cooperates with LEVPHARMA in
the defense of such claim. If any such claims or causes of action are made,
SANQUIN shall be defended by counsel to LEVPHARMA, subject to SANQUIN's
approval, which shall not be unreasonably withheld. SANQUIN reserves the right
to be represented by its own counsel at its own expense.

SANQUIN shall defend and indemnify and hold LEVPHARMA and its trustees,
officers, agents and employees (the "LEVPHARMA Indemnitees") harmless from any
judgments and other liabilities based upon claims or causes of action against
LEVPHARMA or its employees which arise out of a breach by SANQUIN under its
representations and warranties referred to in Section 6.03, except to the extent
that such judgments or liabilities arise in whole or in part from the, gross
negligence, fraud or willful misconduct of LEVPHARMA or its employees, provided
that LEVPHARMA promptly notifies SANQUIN of any such claim coming to its
attention and that it cooperates with SANQUIN in the defense of such claim. If
any such claims or causes of action are made, LEVPHARMA shall be defended by
counsel to SANQUIN, subject to LEVPHARMA's approval, which shall not be
unreasonably withheld. LEVPHARMA reserves the right to be represented by its own
counsel at its own expense.

                                       9
<PAGE>

Section 6.02 Insurance. At such time as any product, process, service relating
to, or developed pursuant to, this Agreement is being commercially distributed
or sold (other than for the purpose of obtaining regulatory approvals) by
LEVPHARMA or by a sublicensee, Affiliate or agent of LEVPHARMA, LEVPHARMA shall
at its sole cost and expense, procure and maintain comprehensive general
liability insurance in amounts not less than $2,000,000 per incident and naming
Sanquin and the other SANQUIN Indemnitees (if such policy allows) and provided
that any additional premiums are paid for by Sanquin) as additional insureds.
Such comprehensive general liability insurance shall provide (i) product
liability coverage and (ii) broad form contractual liability coverage for
LEVPHARMA's indemnification under this Agreement. The minimum amounts of
insurance coverage required shall not be construed to create a limit of
LEVPHARMA's liability with respect to its indemnification under this Agreement.

LEVPHARMA shall maintain such comprehensive general liability insurance until i)
it has sufficient operating capital or reserves to meet the minimum insurance
requirements listed above, or ii) for 10 (ten) years after the last Commercial
Sale, whichever event occurs first.

Section 6.03  Representation and Warranties.

         (a)    Nothing contained in this Agreement shall be construed as:

                (1) a warranty or representation by SANQUIN as to the validity
                or scope of any SANQUIN Patent Rights;

                (2) a warranty or representation that any Licensed Products
                manufactured, used or sold will be free from infringement of
                patents, copyrights, or third parties, except that SANQUIN
                represents that it has no knowledge of any existing issued
                patents or copyrights which might be infringed; and

                (3) except as provided in Section 6.01, an agreement to defend
                against actions or suits of any nature brought by any third
                parties.

         (b) SANQUIN represents that it has the right to grant licenses granted
         in this Agreement.

         (c) SANQUIN makes no warranties, express or implied, as to the
         merchantability or fitness for a particular purpose of Licensed
         Products.

         (d) SANQUIN warrants that no governmental or third party non-government
         commercial funding will be used for the development or research work
         contemplated by this Agreement without the prior written agreement of
         LEVPHARMA.

         (e) SANQUIN warrants that this Agreement does not conflict with or
         breach any other agreement or understanding to which SANQUIN is a
         party.

                                       10
<PAGE>

                        ARTICLE VII. Infringement Matters

Section 7.01 Infringement by Third Parties. LEVPHARMA shall give SANQUIN prompt
notice of any incident of infringement of SANQUIN Patent Rights coming to its
attention. The parties shall thereupon confer together as to what steps are to
be taken to stop or prevent such infringement. LevPharma shall have the right to
initiate actions against any such infringers. SANQUIN agrees to assist
LevPharma, including providing access to SANQUIN personnel, in LevPharma's
reasonable efforts to stop any such infringement. LEVPHARMA shall be responsible
for all expenses associated with such efforts to stop any such infringement,
except that LEVPHARMA shall not be required to reimburse SANQUIN for the time of
any SANQUIN employee. LEVPHARMA agrees to make the absolute minimum use of the
time of any SANQUIN employee required for this purpose. If LevPharma decides to
commence proceedings however, LevPharma shall be responsible for any legal costs
incurred and will be entitled to retain any damages recovered subject to any
payments required pursuant to Sections 4.01(a) and (c). Sanquin shall assist
LevPharma as reasonably requested by LevPharma in any such proceeding including
agreeing to be named as a party to the proceedings. Should LevPharma decide not
to commence proceedings or if LevPharma has not initiated such proceedings
within 60 days after becoming aware of the infringement, Sanquin shall be
entitled to do so in its own name against the infringer, in which event Sanquin
shall be responsible for all legal costs incurred and will be entitled to retain
any damages recovered , without recourse to LevPharma . In any action to enforce
SANQUIN Patent Rights, either party, at the request and expense of the other
party shall cooperate to the fullest extent reasonably possible.

                     ARTICLE VIII. Duration and Termination

Section 8.01 Term. This Agreement shall become effective upon the date first
written above, and unless sooner terminated in accordance with any of the
provisions herein, shall remain in full force until expiration, invalidation or
unenforceability of the last to expire patent under SANQUIN Patent Rights in the
last to expire territory . If mutually desired, the parties may negotiate for an
extension of this License. Upon the expiration or termination for a breach by
Sanquin (but not on premature termination in the case of breach by LevPharma, )
of the Agreement, LEVPHARMA shall have the right to sell the remainder of the
Licensed Product on hand, provided the sales will be subject to the royalty
payments of this Agreement; provided, however, that in the event of expiration
(but not in the event of premature termination) of the Agreement, LEVPHARMA
shall have a perpetual, royalty free, fully paid-up, non-exclusive license under
any SANQUIN Know-How to make, have made, use, sell, offer for sale and import
Licensed Technology and Licensed Products after such termination pursuant to
this provision.

Section 8.02 Termination - Breach. In the event that either party defaults or
breaches any of the provisions of this Agreement, the other party shall have the
right to terminate this Agreement by giving written notice to the defaulting
party, provided, however, that if the said defaulting party cures said default
within thirty (30) days after said notice shall have been given, this Agreement
shall continue in full force and effect. The failure on the part of either of
the parties hereto to exercise or enforce any right conferred upon it hereunder
shall not be deemed to be a waiver of any such right nor operate to bar the
exercise or enforcement thereof at any time or times thereafter.

                                       11
<PAGE>

Section 8.03 Termination. LEVPHARMA shall have the right to terminate this
Agreement upon ninety (90) days written notice to SANQUIN, provided that
LEVPHARMA shall (1) pay all payments due under Section 4.01, as applicable, and
(2) finish paying for the Sponsored Research pursuant to Section 5.01(a) for the
term contained therein, unless LEVPHARMA should terminate this Agreement
pursuant to section 5.01(a), in which case LEVPHARMA shall only be required to
pay any pro rated amount of the Sponsored Research budget that may be due up to
the date of termination.

Section 8.04 Failure to Perform. If LEVPHARMA fails to use commercially
reasonable efforts to perform any material duty imposed upon LEVPHARMA under
this License Agreement and such failure to perform is not cured within sixty
(60) days of written notice thereof from SANQUIN, SANQUIN may elect, in its sole
discretions, to terminate this Agreement. LEVPHARMA shall be deemed to have
failed to use commercially reasonable efforts if (i) in any applicable year
LEVPHARMA has spent less than 50% of the amount budgeted for such year in the
then current Research Plan and/or if (ii) timelines set forth in the Development
and Commercialization Plan are delayed beyond 18 months; provided that the
failure to spend and/or delays are not caused by Eric Hack or Sanquin.

Section 8.05 Prior Obligations. Termination of this Agreement for any reason
shall not release either party from any obligation theretofore accrued.

                            ARTICLE IX. Miscellaneous

Section 9.01 Publications. SANQUIN retains the rights to report on the results
of research under this Agreement in professional journals, meetings, seminars,
and the like. Appropriate recognition of LEVPHARMA's support will be included in
all such reports. However, in recognition of LEVPHARMA's desire for patent
protection, SANQUIN shall provide LevPharma with the final draft of any
manuscript describing studies within the pertinent field and resulting from the
sponsored research at least ninety (90) days prior to publication, and LevPharma
shall have the right to a single 30 day delay in publication.

Section 9.02 Governing Law. This Agreement shall be construed, governed,
interpreted and enforced according to the laws of the state of Pennsylvania.

                                       12
<PAGE>

Section 9.03 Notices. Any notice or communication required or permitted to be
given by either party hereunder, shall be deemed sufficiently given, if mailed
by certified mail, return receipt requested, and addressed to the party to whom
notice is given as follows:

If to LEVPHARMA, to:
                               LEVPHARMA
                               236 Old Lancaster Road
                               Merion Station, PA 19066,

If to SANQUIN, to:             Stichting Sanquin Bloedvoorziening
                               T.a.v. Divisie Sanquin Research
                               Plesmanlaan 125
                               1066 CX Amsterdam
                               The Netherlands

Section 9.04. Assignment. This Agreement shall be binding upon and inure to the
benefit of the respective successors and assigns of the parties hereto. However,
LEVPHARMA may not assign this Agreement in whole or in part without the written
consent of SANQUIN, such consent not to be unreasonably withheld.

Section 9.05 Entire Agreement. This Agreement represents the entire Agreement
between the parties as of the effective date hereof, and may only be
subsequently altered or modified by an instrument in writing. This agreement
cancels and supersedes any and all prior oral or written agreements between the
parties which relate to the subject matter of this Agreement.

Section 9.06 Mediation and Arbitration. Both parties agree that they shall
attempt to resolve any dispute arising from this Agreement through mediation.
Both parties agree that at least one LEVPHARMA employee, capable of negotiating
an agreement on behalf of LEVPHARMA, shall, within three weeks of receipt of
written notification of a dispute, meet with at least one employee of SANQUIN
who is capable of negotiating an agreement on behalf of SANQUIN. If no agreement
can be reached, both parties agree to meet again within a four week period after
the initial meeting to negotiate in good faith to resolve the dispute. If no
agreement can be reached after this second meeting, both parties agree to submit
the dispute to binding arbitration under the Rules of the American Arbitration
Association before a single arbitrator.

Section 9.07 Waiver. A failure by one of the parties to this Agreement to assert
its rights for or upon any breach or default of this Agreement shall not be
deemed a waiver of such rights nor shall any such waiver be implied from
acceptance of any payment. No such failure or waiver in writing by any one of
the parties hereto with respect to any rights shall extend to or affect any
subsequent breach or impair any right consequent thereon.

Section 9.08 Severability. The parties agree that it is the intention of neither
party to violate any public policy, statutory or common laws, and governmental
or supranational regulations; that if any sentence, paragraph, clause or
combination of the same is in violation of any applicable law or regulation, or
is unenforceable or void for any reason whatsoever, such sentence, paragraph,
clause or combinations of the same shall be inoperative and the remainder of the
Agreement shall remain binding upon the parties.

                                       13
<PAGE>

Section 9.09 Marking. LEVPHARMA agrees to mark the Licensed Products in the
United States with all applicable U.S. Patent numbers.

Section 9.10 Headings. The headings of the paragraphs of this Agreement are
inserted for convenience only and shall not constitute a part hereof.

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement, in
duplicate originals, by their respective officers hereunto duly authorized, the
day and year herein written.

                                             SANQUIN

                                             By /s/ Frank Miedema

                                             Date 27/01/2004

                                             Name: Frank Miedema PhD
                                             Title: Director SANQUIN Research
                                                    Division

                                             By /s/ Th.J.F. Bunnen

                                             Date 27/01/2004

                                             Name:  Th.J.F. Bunnen, PhD
                                             Title: Chairman of the Sanquin
                                                    Executive Board

                                             LEVPHARMA

                                             By /s/ Yanina Wachtfogel

                                             Date 1/27/2004

                                             Name: Yanina Wachtfogel

                                       14

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