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                                                                    EXHIBIT 10.5

                        VASO ACTIVE PHARMACEUTICALS, INC.

                          REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT") is entered into as of
March ___, 2003, by and among (i) Vaso Active Pharmaceuticals, Inc., a Delaware
corporation (the "COMPANY"), (ii) BioChemics, Inc., a Delaware corporation (the
"Corporate Parent"), and each of the other Persons set forth from time to time
on the attached SCHEDULE OF SHAREHOLDERS (each, an "OTHER SHAREHOLDER" and
collectively, the "OTHER SHAREHOLDERS") who, at any time, acquires securities of
the Company in accordance with Section 8 hereof and executes a counterpart of
this Agreement or otherwise agrees to be bound by this Agreement. Certain
capitalized terms used herein are defined in Section 10 hereof.

     WHEREAS, the Company is a subsidiary of the Corporate Parent. The Company
and the Corporate Parent are parties to a License Agreement, dated as of
February 1, 2003 the "LICENSE AGREEMENT"). In order to induce the Corporate
Parent to enter into the License Agreement, the Company has agreed to provide
the registration rights set forth in this Agreement. Unless otherwise provided
in this Agreement, capitalized terms used herein shall have the meanings set
forth in Section 10 hereof.

     NOW THEREFORE, in consideration of the mutual covenants contained herein
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows:

     1. DEMAND REGISTRATIONS.

     (a) REQUESTS FOR REGISTRATION. At any time the holders of a majority of the
Parent Registrable Securities may request registration under the Securities Act
of 1933, as amended (the "SECURITIES ACT"), of all or any portion of its
Registrable Securities on Form S-1, Form SB-1, Form SB-2 or any similar
long-form registration ("LONG-FORM REGISTRATIONS"), or on Form S-2 or S-3 or any
similar short-form registration ("SHORT-FORM REGISTRATIONS") if available. All
registrations requested pursuant to this Section 1(a) are referred to herein as
"DEMAND REGISTRATIONS." Each request for a Demand Registration shall specify the
approximate number of Registrable Securities requested to be registered and the
anticipated per share price range for such offering. Within ten days after
receipt of any such request, the Company shall give written notice of such
requested registration to all other holders of Registrable Securities and
subject to Section 1(d) below shall include in such registration all Registrable
Securities with respect to which the Company has received written requests for
inclusion therein within 15 days after the receipt of the Company's notice.

     (b) PARENT LONG-FORM REGISTRATIONS. The holders of a majority of the Parent
Registrable Securities shall be entitled to request an unlimited number of
Long-Form Registrations in which the Company shall pay all Registration Expenses
(as defined in Section 5). All Long-Form Registrations shall be underwritten
registrations.
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     (c) PARENT SHORT-FORM REGISTRATIONS. In addition to the Long-Form
Registrations provided pursuant to Section 1(b), the holders of a majority of
the Parent Registrable Securities shall be entitled to request an unlimited
number of Short-Form Registrations in which the Company shall pay all
Registration Expenses. Demand Registrations shall be Short-Form Registrations
whenever the Company is permitted to use any applicable short form. If the
Company, pursuant to the request of the holders of a majority of the Parent
Registrable Securities, is qualified to and has filed with the Securities and
Exchange Commission a registration statement under the Securities Act on Form
S-3 pursuant to Rule 415 under the Securities Act (the "SHELF Registration"),
the Company shall use its reasonable best efforts to cause the Shelf
Registration to be declared effective under the Securities Act as soon as
practical after filing, and once effective, the Company shall cause such Shelf
Registration to remain effective for a period ending on the earlier of (i) the
date on which all Registrable Securities included in such Shelf Registration
have been sold pursuant to the Shelf Registration, (ii) the date as of which the
holder(s) of Registrable Securities (assuming such holder(s) are affiliates of
the Company) are able to sell all of the Registrable Securities then held by
them within a ninety-day period in compliance with Rule 144 under the Securities
Act or (iii) such shorter period as may be agreed to by the holders of a
majority of the Parent Registrable Securities requested to be included therein
(the "EFFECTIVE PERIOD").

     (d) PRIORITY ON DEMAND REGISTRATIONS. The Company shall not include in any
Demand Registration any securities which are not Registrable Securities without
the prior written consent of the holders of a majority of the Parent Registrable
Securities included in such registration. If a Demand Registration is an
underwritten offering and the managing underwriters advise the Company in
writing that in their opinion the number of Registrable Securities and, if
permitted hereunder, other securities requested to be included in such offering
exceeds the number of Registrable Securities and other securities, if any, which
can be sold in an orderly manner in such offering within a price range
acceptable to the holders of a majority of the Parent Registrable Securities to
be included in such registration, the Company shall include in such registration
(i) first, prior to the inclusion of any securities which are not Registrable
Securities, the number of Registrable Securities requested to be included which
in the opinion of such underwriters can be sold in an orderly manner within the
price range of such offering, pro rata among the respective holders thereof on
the basis of the number of Registrable Securities owned by each such holder, and
(ii) second, other securities requested to be included in such registration.

     (e) RESTRICTIONS ON LONG-FORM REGISTRATIONS. The Company shall not be
obligated to effect any Long-Form Registration after the effective date of a
previous Long-Form Registration to the extent a Lock-Up Period (as defined in
Section 3 below) is in effect. The Company may postpone for up to 180 days the
filing or the effectiveness of a registration statement for a Demand
Registration if the Company and the holders of a majority of the Parent
Registrable Securities agree that such Demand Registration would reasonably be
expected to have a material adverse effect on any proposal or plan by the
Company or any of its Subsidiaries to engage in any acquisition of assets (other
than in the ordinary course of business) or any merger, consolidation, tender
offer, reorganization or similar transaction; provided however, that in such
event, the holders of Registrable Securities initially requesting such Demand
Registration shall be entitled to withdraw such request and the Company shall
pay all

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Registration Expenses in connection with such registration. The Company may
delay a Demand Registration hereunder only once in any twelve-month period.

     (f) SELECTION OF UNDERWRITERS. The holders of a majority of the Parent
Registrable Securities included in any Demand Registration shall have the right
to select the investment banker(s) and manager(s) to administer the offering.

     (g) OTHER REGISTRATION RIGHTS. Except as provided in this Agreement, the
Company shall not grant to any Persons the right to request the Company to
register any equity securities of the Company, or any securities convertible or
exchangeable into or exercisable for such securities, without the prior written
consent of the holders of a majority of the Parent Registrable Securities.

     2. PIGGYBACK REGISTRATIONS.

     (a) RIGHT TO PIGGYBACK. Whenever the Company proposes to register any of
its securities under the Securities Act (other than (i) pursuant to a Demand
Registration (which is covered in Section 1) or (ii) in connection with
registrations on form S-4 or S-8 or any successor form) and the registration
form to be used may be used for the registration of Registrable Securities (a
"PIGGYBACK REGISTRATION"), whether or not for sale for its own account, the
Company shall give prompt written notice to all holders of Registrable
Securities of its intention to effect such a registration and shall, subject to
the terms and conditions set forth herein, include in such registration all
Registrable Securities with respect to which the Company has received written
requests for inclusion therein within 15 days after the receipt of the Company's
notice.

     (b) PIGGYBACK EXPENSES. Subject to the qualification set forth in Section
5(b), the Registration Expenses of the holders of Registrable Securities shall
be paid by the Company in all Piggyback Registrations.

     (c) PRIORITY ON PRIMARY REGISTRATIONS. If a Piggyback Registration is an
underwritten primary registration on behalf of the Company, and the managing
underwriters advise the Company in writing that in their opinion the number of
securities requested to be included in such registration exceeds the number
which can be sold in an orderly manner in such offering within a price range
acceptable to the Company, the Company shall include in such registration (i)
first, the securities the Company proposes to sell, (ii) second, the Registrable
Securities requested to be included in such registration, pro rata among the
holders of such Registrable Securities on the basis of the number of shares
owned by each such holder, and (iii) third, other securities requested to be
included in such registration. Any Persons other than holders of Registrable
Securities who participate in Piggyback Registrations which are not at the
Company's expense, if any, must pay their share of the Registration Expenses as
provided in Section 5 hereof.

     (d) SELECTION OF UNDERWRITERS. If any Piggyback Registration is an
underwritten offering, the Company will have the right to select the investment
banker(s) and manager(s) for the offering; provided that such selections must be
approved by the holders of a majority of the

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Parent Registrable Securities included in such Piggyback Registration. Such
approval shall not be unreasonably withheld.

     3. HOLDBACK AGREEMENTS.

     (a) Each holder of Registrable Securities shall not effect any public sale
or distribution (including sales pursuant to Rule 144) of equity securities of
the Company, or any securities, options or rights convertible into or
exchangeable or exercisable for such securities, during the period before,
during and after the effective date of any (x) underwritten Demand Registration
(except as part of such underwritten registration) or (y) any underwritten
Piggyback Registration (except as part of such underwritten registration or
pursuant to registrations on Form S-4 or Form S-8 or any successor form) that is
agreed to by the underwriter managing the registered public offering and a
majority of the holders of the Parent Registrable Securities (a "LOCK-UP
PERIOD").

     (b) The Company (i) shall not effect any public sale or distribution of its
equity securities or any securities, options or rights convertible into or
exchangeable or exercisable for such securities, during a Lock-Up Period (except
as part of such underwritten registration or pursuant to registrations on Form
S-8 or any successor form), and (ii) shall use reasonable best efforts to cause
each holder of more than 1% of its equity securities, or any securities, options
or rights convertible into or exchangeable or exercisable for more than 1% of
its equity securities, purchased from the Company at any time after the date of
this Agreement (other than in a registered public offering) to agree not to
effect any public sale or distribution (including sales pursuant to Rule 144) of
any such securities during such Lock-Up Period (except as part of such
underwritten registration, if otherwise permitted).

     4. REGISTRATION PROCEDURES. Whenever the holders of Registrable Securities
have requested that any Registrable Securities be registered pursuant to this
Agreement, the Company shall use its reasonable best efforts to effect the
registration and the sale of such Registrable Securities in accordance with the
intended method of disposition thereof, and pursuant thereto the Company shall
as expeditiously as possible:

     (a) prepare and file with the Securities and Exchange Commission a
registration statement with respect to such Registrable Securities and use its
reasonable best efforts to cause such registration statement to become effective
(provided that before filing a registration statement or prospectus or any
amendments or supplements thereto, the Company shall furnish to the counsel
selected by the holders of a majority of the Parent Registrable Securities
covered by such registration statement copies of all such documents proposed to
be filed, which documents shall be subject to the review and comment of such
counsel);

     (b) notify in writing each holder of Registrable Securities of the
effectiveness of each registration statement filed hereunder and prepare and
file with the Securities and Exchange Commission such amendments and supplements
to such registration statement and the prospectus used in connection therewith
as may be necessary to keep such registration statement effective for a period
of not less than 180 days and comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by such registration
statement during

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such period in accordance with the intended methods of disposition by the
sellers thereof set forth in such registration statement;

     (c) furnish to each seller of Registrable Securities such number of copies
of such registration statement, each amendment and supplement thereto, the
prospectus included in such registration statement (including each preliminary
prospectus and any prospectus filed under Rule 424 promulgated under the
Securities Act) and such other documents as such seller may reasonably request
in order to facilitate the disposition of the Registrable Securities owned by
such seller;

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

     (e) notify each seller of such Registrable Securities, at any time when a
prospectus relating thereto is required to be delivered under the Securities
Act, of the happening of any event as a result of which the prospectus included
in such registration statement contains an untrue statement of a material fact
or omits any fact necessary to make the statements therein not misleading, and,
at the request of the holders of a majority of the Parent Registrable Securities
covered by such registration statement, the Company shall prepare a supplement
or amendment to such prospectus so that, as thereafter delivered to the
purchasers of such Registrable Securities, such prospectus shall not contain an
untrue statement of a material fact or omit to state any fact necessary to make
the statements therein not misleading;

     (f) cause all such Registrable Securities to be listed on each securities
exchange on which similar securities issued by the Company are then listed and,
if not so listed, to be listed on the NASD automated quotation system and, if
listed on the NASD automated quotation system, use its best efforts to secure
designation of all such Registrable Securities covered by such registration
statement as a NASDAQ "national market system security" within the meaning of
Rule 11Aa2-1 of the Securities and Exchange Commission or, failing that, to
secure NASDAQ authorization for such Registrable Securities;

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

     (h) enter into such customary agreements (including underwriting agreements
in customary form) and take all such other actions as the holders of a majority
of the Parent Registrable Securities being sold or the underwriters, if any,
reasonably request in order to expedite or facilitate the disposition of such
Registrable Securities (including, without limitation, effecting a share split
or a combination of shares);

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

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

     (k) in the event of the issuance of any stop order suspending the
effectiveness of a registration statement, or of any order suspending or
preventing the use of any related prospectus or suspending the qualification of
any equity securities included in such registration statement for sale in any
jurisdiction, the Company shall use its reasonable best efforts promptly to
obtain the withdrawal of such order and, upon request of a holder of Registrable
Securities, the Company shall provide notice to such holder of any such stop
order;

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

     (m) obtain one or more comfort letters from the Company's independent
public accountants in customary form and covering such matters of the type
customarily covered by comfort letters as the holders of a majority of the
Parent Registrable Securities being sold reasonably request;

     (n) provide a legal opinion of the Company's outside counsel, dated the
effective date of such registration statement (or, if such registration includes
an underwritten public offering, dated the date of the closing under the
underwriting agreement), with respect to the registration statement, each
amendment and supplement thereto, the prospectus included therein (including the
preliminary prospectus) and such other documents relating thereto in customary
form and covering such matters of the type customarily covered by legal opinions
of such nature; and

     (o) use best efforts to cause certificates for the Registrable Securities
covered by such registration statement to be delivered by the holders thereof to
the underwriters in such denominations and registered in such names as the
underwriters may request.

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     5. REGISTRATION EXPENSES.

     (a) All expenses incident to the Company's performance of or compliance
with this Agreement including, without limitation, all registration and filing
fees, expenses and fees of compliance with securities or blue sky laws, printing
expenses, travel expenses, filing expenses, messenger and delivery expenses,
fees and disbursements of custodians, fees and disbursements of counsel for the
Company, and fees and disbursements of all independent certified public
accountants, underwriters including (if necessary) a "qualified independent
underwriter" within the meaning of the rules of the National Association of
Securities Dealers, Inc. (excluding discounts and commissions, which shall be
paid by the holders of Registrable Securities), and other Persons retained by
the Company or the holders of all of the Parent Registrable Securities or their
affiliates (all such expenses being herein called "REGISTRATION EXPENSES"),
shall be borne by the Company, except that the Company shall, in any event, pay
its internal expenses (including, without limitation, all salaries and expenses
of its officers and employees performing legal or accounting duties), the
expense of any annual audit or quarterly review, the expense of any liability
insurance, and the expenses and fees for listing the securities to be registered
on each securities exchange on which similar securities issued by the Company
are then listed or on the NASD automated quotation system (or any successor or
similar system).

     (b) In connection with each Demand Registration and each Piggyback
Registration, the Company shall reimburse the holders of Parent Registrable
Securities included in such registration for the reasonable fees and
disbursements of one counsel (in addition to local counsel) chosen by the
holders of a majority of the Parent Registrable Securities included in such
registration.

     (c) To the extent Registration Expenses are not required to be paid by the
Company, each holder of securities included in any registration hereunder shall
pay those Registration Expenses allocable to the registration of such holder's
securities so included, and any Registration Expenses not so allocable shall be
borne by all sellers of securities included in such registration in proportion
to the aggregate proceeds of the securities to be so registered.

     6. INDEMNIFICATION.

     (a) The Company agrees to indemnify and hold harmless, to the full extent
permitted by law, each holder of Registrable Securities, such holder's officers,
directors, agents, and employees and each Person who controls such holder
(within the meaning of the Securities Act) against any losses, claims, damages,
liabilities and expenses caused by or arising out of (i) any untrue or alleged
untrue statement of material fact contained in (A) any registration statement,
prospectus or preliminary prospectus or any amendment thereof or supplement
thereto or (B) in any application or other document or communication (in this
Section 6 collectively called an "application") executed by or on behalf of the
Company or based upon written information furnished by or on behalf of the
Company filed in any jurisdiction in order to qualify any securities covered by
such registration statement under the "blue sky" or securities laws thereof or
(ii) any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, except
insofar as the same are caused by or contained in any information furnished in
writing to the Company by such holder expressly for use therein or by such
holder's failure to deliver a copy of the registration statement or prospectus
or any amendments or supplements thereto after the

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Company has furnished such holder with a sufficient number of copies of the
same. In connection with an underwritten offering, the Company shall indemnify
such underwriters, their officers and directors and each Person who controls
such underwriters (within the meaning of the Securities Act) to the same extent
as provided above with respect to the indemnification of the holders of
Registrable Securities.

     (b) In connection with any registration statement in which a holder of
Registrable Securities is participating, each such holder will furnish to the
Company in writing such information and affidavits as the Company reasonably
requests (and is customarily provided by selling shareholders) for use in
connection with any such registration statement or prospectus and, to the full
extent permitted by law, shall indemnify and hold harmless the other holders of
Registrable Securities and the Company, and their respective directors,
officers, agents and employees, and each other Person who controls the Company
and such other holders (within the meaning of the Securities Act) against any
losses, claims, damages, liabilities and expenses caused by or arising out of
(i) any untrue or alleged untrue statement of material fact contained in the
registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any application or (ii) any omission or alleged
omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading, but only to the extent that such untrue
statement or omission is made in any such registration statement, any such
prospectus or preliminary prospectus or any amendment or supplement thereto, or
any such application, in reliance upon and in conformity with the information or
affidavit so furnished in writing by such holder expressly for use therein;
provided, however, that the obligation to indemnify will be individual, not
joint and several, for each holder and such obligations, together with any
contribution required under Section 6(e), shall be limited to the net amount of
proceeds received by such holder from the sale of Registrable Securities
pursuant to such registration statement.

     (c) Any Person entitled to indemnification under this Agreement shall
notify promptly the indemnifying party in writing of the commencement of any
action or proceeding with respect to which a claim for indemnification may be
made pursuant to this Section 6, but the failure of any indemnified party to
provide such notice shall not relieve the indemnifying party of its obligations
under the preceding subsections of this Section 6, except to the extent, but
only to the extent to which, the indemnifying party is materially prejudiced
thereby and shall not relieve the indemnifying party from any liability which it
may otherwise have to any indemnified party under this Section 6. In case any
action or proceeding is brought against an indemnified party and it shall notify
the indemnifying party of the commencement thereof, the indemnifying party shall
be entitled to participate therein and, unless in the reasonable opinion of
outside counsel to the indemnified party a conflict of interest between such
indemnified and indemnifying parties exists in respect of such claim, to assume
the defense thereof jointly with any other indemnifying party similarly
notified, to the extent that it chooses, with counsel reasonably satisfactory to
such indemnified party, and after notice from the indemnifying party to such
indemnified party that it so chooses, the indemnifying party shall not be liable
to such indemnified party for any legal or other expenses subsequently incurred
by such indemnified party in connection with the defense thereof other than
reasonable costs of investigation; provided, however, that (i) if the
indemnifying party fails to take reasonable steps necessary to defend diligently
the action or proceeding within 20 days after receiving notice from such
indemnified party that the indemnified party believes it has failed to do so, or
(ii) if such

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indemnified party who is a defendant in any action or proceeding which is also
brought against the indemnifying party reasonably shall have concluded that
there may be one or more legal defenses available to such indemnified party
which are not available to the indemnifying party, or (iii) if representation of
both parties by the same counsel is otherwise inappropriate under applicable
standards of professional conduct, then, in any such case, the indemnified party
shall have the right to assume or continue its own defense as set forth above
(but with no more than one firm of counsel for all indemnified parties in each
jurisdiction, except to the extent any indemnified party or parties reasonably
shall have concluded that there may be legal defenses available to such party or
parties which are not available to the other indemnified parties or to the
extent representation of all indemnified parties by the same counsel is
otherwise inappropriate under applicable standards of professional conduct) and
the indemnifying party shall be liable for any expenses therefor.

     (d) No indemnifying party shall, without the written consent of each
indemnified party, effect the settlement or compromise of, or consent to the
entry of any judgment with respect to, any pending or threatened action or claim
in respect of which indemnification or contribution may be sought hereunder
(whether or not the indemnified party is an actual or potential party to such
action or claim) unless such settlement, compromise, or judgment (A) includes an
unconditional release of the indemnified party from all liability arising out of
such action or claim without any payment or consideration provided or obligation
incurred by any indemnified party and (B) does not include a statement as to or
an admission of fault, culpability, or a failure to act, by or on behalf of any
indemnified party.

     (e) If the indemnification provided for in this Section 6 is unavailable to
or is insufficient to hold harmless an indemnified party under the provisions
above in respect to any losses, claims, damages, or liabilities referred to
therein, then each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages,
or liabilities (i) in such proportion as is appropriate to reflect the relative
fault of the Company on the one hand and the sellers of Registrable Securities
and any other sellers participating in the registration statement on the other
hand or (ii) if the allocation provided by clause (i) above is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the
relative fault referred to in clause (i) above, but also the relative benefit of
the Company on the one hand and of the sellers of Registrable Securities and any
other sellers participating in the registration statement on the other hand in
connection with the registration statement or omissions which resulted in such
losses, claims, damages, or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by the Company on the one hand
and the sellers of Registrable Securities and any other sellers participating in
the registration statement on the other hand shall be deemed to be in the same
proportion as the total net proceeds from the offering (before deducting
expenses) to the Company bear to the total net proceeds from the offering
(before deducting expenses) to the sellers of Registrable Securities and any
other sellers participating in the registration statement. The relative fault of
the Company on the one hand and of the sellers of Registrable Securities and any
other sellers participating in the registration statement on the other hand
shall be determined by reference to, among other things, whether the untrue or
alleged omission to state a material fact relates to information supplied by the
Company or by the sellers of Registrable Securities or other sellers
participating in the registration statement and the parties' relative intent,
knowledge, access to information, and opportunity to correct or prevent such
statement or omission.

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     The Company and the sellers of Registrable Securities agree that it would
not be just and equitable if contribution pursuant to this Section 6 were
determined by pro rata allocation (even if the sellers of Registrable Securities
were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred
to in the immediately preceding paragraph. The amount paid or payable by an
indemnified party as a result of the losses, claims, damages, and liabilities
referred to in the immediately preceding paragraph shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this
Section 6, no seller of Registrable Securities shall be required to contribute
pursuant to this Section 6(e), together with amounts paid under Section 6(b),
any amounts in excess of the net proceeds received by such Seller from the sale
of Registrable Securities covered by the registration statement filed pursuant
hereto. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation.

     (f) The indemnification and contribution by any such party provided for
under this Agreement shall be in addition to any other rights to indemnification
or contribution which any indemnified party may have pursuant to law or contract
and will remain in full force and effect regardless of any investigation made or
omitted by or on behalf of the indemnified party or any officer, director, or
controlling Person of such indemnified party and will survive the transfer of
securities.

     (g) The indemnification and contribution required by this Section 6 shall
be made by periodic payments of the amount thereof during the course of the
investigation or defense, as and when bills are received or expense, loss,
damage, or liability is incurred.

     7. PARTICIPATION IN UNDERWRITTEN REGISTRATIONS.

     (a) No Person may participate in any registration hereunder which is
underwritten unless such Person (i) agrees to sell such Person's securities on
the basis provided in any underwriting arrangements approved by the Person or
Persons entitled hereunder to approve such arrangements (including, without
limitation, pursuant to the terms of any over-allotment or "green shoe" option
requested by the managing underwriter(s); PROVIDED that no holder of Registrable
Securities will be required to sell more than the number of Registrable
Securities that such holder has requested the Company to include in any
registration) and (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangements; provided that no
holder of Registrable Securities included in any underwritten registration shall
be required to make any representations or warranties to the Company or the
underwriters (other than representations and warranties regarding such holder
and such holder's intended method of distribution) or to undertake any
indemnification obligations to the Company or the underwriters with respect
thereto, except (x) to the extent the holders of a majority of the Parent
Registrable Securities are doing so or (y) as otherwise provided in Section 6
hereof.

                                       10
<Page>

     (b) Each Person that is participating in any registration hereunder agrees
that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 4(e) above, such Person will forthwith
discontinue the disposition of his or its Registrable Securities pursuant to the
registration statement until such Person's receipt of the copies of a
supplemented or amended prospectus as contemplated by such Section 4(e). In the
event the Company shall give any such notice, the applicable time period
mentioned in Section 4(b) during which a Registration Statement is to remain
effective shall be extended by the number of days during the period from and
including the date of the giving of such notice pursuant to this section to and
including the date when each seller of a Registrable Security covered by such
registration statement shall have received the copies of the supplemented or
amended prospectus contemplated by Section 4(e).

     8. ADDITIONAL SHAREHOLDERS. In connection with the issuance of any
additional equity securities of the Company (or rights or options to acquire any
such equity securities) to any Person, the Company may, with the consent of the
holders of a majority of the Parent Registrable Securities, permit such Person
to become a party to this Agreement and succeed to all of the rights and
obligations of an "Other Shareholder" (as determined by the Company and the
holders of a majority of the Parent Registrable Securities) and a holder of
Parent Registrable Securities or Other Shareholder Registrable Securities, as
the case may be, under this Agreement by obtaining an executed counterpart
signature page to this Agreement, and, upon such execution, such Person shall
for all purposes be an "Other Shareholder" party to this Agreement.

     9. RULE 144 REPORTING. With a view to making available the benefits of
certain rules and regulations of the Securities and Exchange Commission that may
permit the sale of Registrable Securities to the public without registration,
the Company agrees at all times after the Company has filed a registration
statement with the Securities and Exchange Commission pursuant to the
requirements of either the Securities Act or the Exchange Act to use its
reasonable best efforts to: (a) file with the Securities and Exchange Commission
in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act at any time after it has become subject
to such reporting requirements; and (b) so long as a holder owns any Registrable
Securities, furnish to the holder forthwith upon written request a written
statement by the Company as to its compliance with the reporting requirements of
Rule 144, and of the Securities Act and the Exchange Act, a copy of the most
recent annual or quarterly report of the Company, and such other reports and
documents so filed as a holder may reasonably request in availing itself of any
rule or regulation of the Securities and Exchange Commission allowing a holder
to sell any such securities without registration.

     10. DEFINITIONS.

     "AFFILIATE" of any particular Person means any other Person controlling,
controlled by or under common control with such particular Person, where
"control" means the possession, directly or indirectly, of the power to direct
the management and policies of a Person whether through the ownership of voting
securities, by contract or otherwise.

     "COMMON SHARES" means the Company's Common Shares, par value $.0001 per
share.

                                       11
<Page>

     "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

     "OTHER SHAREHOLDER REGISTRABLE SECURITIES" means (i) any Common Shares
issued to or otherwise held by the Other Shareholders and (ii) any other Common
Shares issued or issuable to the Other Shareholders with respect to the
securities referred to in clause (i) by way of exercise, conversion, share
dividend or share split or in connection with an exchange or combination of
shares, recapitalization, merger, consolidation or other reorganization;
provided that "Other Shareholder Registrable Securities" shall not include any
securities of the Company that are subject to vesting to the extent that such
securities have not vested.

     "PARENT REGISTRABLE SECURITIES" means (i) any Common Shares issued to or
otherwise held by the Corporate Parent and its Permitted Transferees (ii) any
other Common Shares issued or issuable to the Corporate Parent and its Permitted
Transferees with respect to the securities referred to in clause (i) by way of
exercise, conversion, share dividend or share split or in connection with an
exchange or combination of shares, recapitalization, merger, consolidation or
other reorganization.

     "PERMITTED TRANSFEREE" means any Person who is a founder, director,
executive officer or holder of more than 10% of the issued and outstanding
voting securities of the Corporate Parent who acquires any Common Shares issued
to or otherwise held by the Corporate Parent from time to time.

     "PERSON" means an individual, a partnership, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization and a governmental entity or any
department, agency or political subdivision thereof.

     "REGISTRABLE SECURITIES" means the Parent Registrable Securities and the
Other Shareholder Registrable Securities. As to any particular Registrable
Securities, such securities shall cease to be Registrable Securities when they
have been distributed to the public pursuant to an offering registered under the
Securities Act or sold to the public through a broker, dealer or market maker in
compliance with Rule 144 under the Securities Act (or any similar rule then in
force); PROVIDED THAT if any Parent Registrable Securities are acquired by an
Other Shareholder, then such acquired securities shall no longer be Parent
Registrable Securities, but instead, shall become Other Shareholder Registrable
Securities.

     11. MISCELLANEOUS.

     (a) NO INCONSISTENT AGREEMENTS. The Company shall not hereafter enter into
any agreement with respect to its securities which is inconsistent with or
violates the rights granted to the holders of Registrable Securities in this
Agreement.

     (b) REMEDIES. Any Person having rights under any provision of this
Agreement shall be entitled to enforce such rights specifically, to recover
damages caused by reason of any breach of any provision of this Agreement and to
exercise all other rights granted by law. The parties hereto agree and
acknowledge that money damages may not be an adequate remedy for any breach of
the provisions of this Agreement and that any party may in its sole discretion
apply to any court of law or equity of competent jurisdiction (without posting
any bond or other

                                       12
<Page>

security) for specific performance and for other injunctive relief in order to
enforce or prevent violation of the provisions of this Agreement.

     (c) AMENDMENTS AND WAIVERS. Except as otherwise provided herein, no
modification, amendment, or waiver of any provision of this Agreement shall be
effective against the Company or the holders of Registrable Securities unless
such modification, amendment or waiver is approved in writing by the Company and
the holders of a majority of the Parent Registrable Securities then in
existence; PROVIDED THAT no such amendment or modification that would materially
and adversely affect the holders of Other Shareholder Registrable Securities in
a manner different than holders of Parent Registrable Securities, shall be
effective against the holders of Other Shareholder Registrable Securities
without the prior written consent of holders of a majority of the Other
Shareholder Registrable Securities (with it being understood that the issuance
or creation of new or additional Registrable Securities, or new or additional
equity securities of the Company which will constitute Registrable Securities,
in each case or the addition of new parties to this Agreement in accordance with
this Agreement, shall in no event require the approval of the holders of Other
Shareholder Registrable Securities). No failure by any party to insist upon the
strict performance of any covenant, duty, agreement or condition of this
Agreement or to exercise any right or remedy consequent upon a breach thereof
shall constitute a waiver of any such breach or any other covenant, duty,
agreement or condition.

     (d) SUCCESSORS AND ASSIGNS. All covenants and agreements in this Agreement
by or on behalf of any of the parties hereto shall bind and inure to the benefit
of the respective successors and assigns of the parties hereto whether so
expressed or not. In addition, whether or not any express assignment has been
made, the provisions of this Agreement which are for the benefit of purchasers
or holders of Registrable Securities are also for the benefit of, and
enforceable by, any subsequent holder of Registrable Securities. Notwithstanding
the foregoing, in order to obtain the benefit of this Agreement, any subsequent
holder of Registrable Securities must execute a counterpart to this Agreement,
thereby agreeing to be bound by the terms hereof.

     (e) SEVERABILITY. Whenever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be prohibited by or invalid
under applicable law, such provision shall be ineffective only to the extent of
such prohibition or invalidity, without invalidating the remainder of this
Agreement.

     (f) COUNTERPARTS. This Agreement may be executed simultaneously in two or
more counterparts, any one of which need not contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the
same Agreement.

     (g) DESCRIPTIVE HEADINGS. The descriptive headings of this Agreement are
inserted for convenience only and do not constitute a part of this Agreement.

     (h) GOVERNING LAW. All issues and questions concerning the construction,
validity, interpretation and enforcement of this Agreement and the exhibits and
schedules hereto shall be governed by, and construed in accordance with, the
laws of the State of New York, without giving effect to any choice of law or
conflict of law rules or provisions (whether of the

                                       13
<Page>

State of New York or any other jurisdiction), except Section 5-1401 of the New
York General Obligations Law, that would cause the application of the laws of
any jurisdiction other than the State of New York.

     (i) NOTICES. All notices, demands or other communications to be given or
delivered under or by reason of the provisions of this Agreement shall be in
writing and shall be deemed to have been given when delivered personally to the
recipient, sent to the recipient by reputable overnight courier service (charges
prepaid), sent by facsimile (with copy to follow by regular mail) or mailed to
the recipient by certified or registered mail, return receipt requested and
postage prepaid. Such notices, demands and other communications shall be sent to
the Corporate Parent and each Other Shareholder at the addresses indicated on
the SCHEDULE OF SHAREHOLDERS and to the Company at the address of its corporate
headquarters or to such other address or to the attention of such other person
as the recipient party has specified by prior written notice to the sending
party.

     (j) ENTIRE AGREEMENT. Except as otherwise expressly set forth herein, this
Agreement embodies the complete agreement and understanding of the parties
hereto with respect to the subject matter hereof and supercedes and preempts any
prior understandings, agreements or representations by or among the parties,
written or oral, which may have related to the subject matter hereof in any way.

                                    * * * * *

                                       14
<PAGE>

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

                                  VASO ACTIVE PHARMACEUTICALS, INC.

                                  By:
                                      -----------------------------------------
                                  Name:
                                        ---------------------------------------
                                  Its:  President

                                  CORPORATE PARENT:
                                  ----------------

                                  BIOCHEMICS, INC.

                                  By:
                                      -----------------------------------------
                                  Name:
                                       ----------------------------------------
                                  Its:
                                        ---------------------------------------

<PAGE>
                            SCHEDULE OF SHAREHOLDERS
                            ------------------------

CORPORATE PARENT:
----------------

BioChemics, Inc.
99 Rosewood Drive
Suite 260
Danvers, MA  01923
Attn: John J. Masiz, President and CEO

Phone:       (978) 750-0090
Facsimile:   (978) 750-0085

WITH A COPY TO:
--------------

Robinson & Cole LLP
One Boston Place
Boston, MA 02108
Attention:   David A. Garbus, Esq.
Phone:       (617) 557-5955
Facsimile:   (617) 557-5999<Page>

                                                                    EXHIBIT 10.6

                                LICENSE AGREEMENT

                                 BY AND BETWEEN

                                BIOCHEMICS, INC.

                                       AND

                        VASO ACTIVE PHARMACEUTICALS, INC.

                          DATED AS OF FEBRUARY 1, 2003

<Page>

                                TABLE OF CONTENTS

<Table>
<S>                                                                               <C>
ARTICLE 1. DEFINITIONS.............................................................1

ARTICLE 2. GRANT...................................................................3

     2.1    LICENSE BY LICENSOR....................................................3
     2.2    SUBLICENSE.............................................................3
     2.3    LICENSE BACK...........................................................3

ARTICLE 3. RIGHTS TO IMPROVEMENTS..................................................4

     3.1    LICENSE OF IMPROVEMENTS................................................4
     3.2    NOTICE OF IMPROVEMENT..................................................4

ARTICLE 4. PROMOTION; REFERRALS....................................................4

     4.1    PROMOTION..............................................................4
     4.2    REFERRALS..............................................................4

ARTICLE 5. RIGHTS, RESTRICTIONS AND COVENANTS OF LICENSOR..........................4

     5.1    NON-OTC PRODUCTS.......................................................4
     5.2    COVENANTS..............................................................5

ARTICLE 6. FILINGS; COOPERATION....................................................5

     6.1    DERIVATIVE APPLICATIONS................................................5

ARTICLE 7. CONSIDERATION FOR GRANT OF LICENSE......................................6

ARTICLE 8. TERM AND TERMINATION....................................................6

     8.1    INITIAL TERM AND RENEWAL...............................................6
     8.2    TERMINATION FOR CONVENIENCE BY LICENSEE................................6

ARTICLE 9. DISCLAIMER OF WARRANTIES................................................6

ARTICLE 10. INFRINGEMENT; INDEMNITY................................................6

     10.1   INFRINGEMENT BY LICENSEE...............................................6
     10.2   INDEMNIFICATION PROCEDURES.............................................7
     10.3   INFRINGEMENT OR MISAPPROPRIATION.......................................7

ARTICLE 11. CONFIDENTIALITY........................................................8

     11.1   PERMITTED DISCLOSURE...................................................8
     11.2   PROHIBITED DISCLOSURE..................................................8
     11.3   TRADE SECRETS AND KNOW-HOW.............................................8

ARTICLE 12. MISCELLANEOUS..........................................................8

     12.1   RELATIONSHIP BETWEEN THE PARTIES; PARTIES IN INTEREST..................8
     12.2   NOTICES................................................................9
     12.3   ENTIRE AGREEMENT; CONSTRUCTION........................................10
     12.4   AMENDMENT AND MODIFICATION; SUCCESSORS AND ASSIGNS....................10
     12.5   WAIVER................................................................10
</Table>

                                        i
<Page>

<Table>
     <S>                                                                          <C>
     12.6   ASSIGNMENT............................................................10
     12.7   CHOICE OF LAW; CHOICE OF FORUM; ALTERNATIVE DISPUTE RESOLUTION........10
     12.8   SECTION HEADINGS; EXHIBITS; SEVERABILITY; COUNTERPARTS................11
     12.9   COUNTING OF TIME......................................................12
     12.10  SURVIVAL..............................................................12
</Table>

                                       ii
<Page>

                                LICENSE AGREEMENT

       THIS LICENSE AGREEMENT (this "AGREEMENT"), dated as of February 1, 2003
(the "EFFECTIVE DATE"), by and between BIOCHEMICS, INC., a corporation organized
under the laws of the State of Delaware, United States of America ("LICENSOR"),
and VASO ACTIVE PHARMACEUTICALS, INC., a corporation organized under the laws of
the State of Delaware, United States of America ("LICENSEE", together with
Licensor, the "Parties" and each individually a "Party").

                              W I T N E S S E T H:

     WHEREAS, Licensor is in the business of designing, developing and using
technology relating to a "Molecular Transdermal Transport System" disclosed in
U.S. Patent Nos. 5,460,821, 5,645,854 and 5,853,751 (the "Patents") and
continues to make improvements thereto and has acquired substantial know-how,
substantial goodwill and substantial reputation in the area of transdermal drug
delivery technology (together with the Patents, the "Licensed Technology") and
has acquired certain rights thereto;

     AND WHEREAS, Licensor desires to grant to Licensee, and Licensee desires to
acquire from Licensor, an irrevocable, exclusive license (the "OTC License") to
use and practice the Licensed Technology in all respects as it relates to OTC
Products (as such term is defined in Article 1 hereof, subject to the terms and
conditions set forth herein;

     AND WHEREAS, Licensee desires to grant back to Licensor, and Licensor
desires to acquire from Licensee, a Field of Use License (as defined below)
allowing Licensor to continue to develop and manufacture OTC Products for the
exclusive use of the Licensee;

     AND WHEREAS, notwithstanding the granting of the OTC License to Licensee,
Licensor will retain all rights to practice and use the Licensed Technology in
all respects as it relates to Non-OTC Products (as defined below),

     NOW, THEREFORE, for good and valuable consideration, including the
agreements of the Parties hereinafter set forth, the Parties hereto agree as
follows:

ARTICLE 1.  DEFINITIONS.

       When used in this Agreement and the above Recitals, the following
capitalized terms shall have the meanings specified in this ARTICLE 1. Other
terms are defined in the text of this Agreement, and throughout this Agreement,
those terms shall have the meanings respectively ascribed to them:

"AFFILIATE" or "AFFILIATES" means, with respect to any Person, any other Person,
directly or indirectly, through one or more intermediaries, controlling,
controlled by, or under common control with, such first mentioned Person. As
used in this definition of Affiliate, the term "CONTROL" (including "CONTROLLED
BY" or "UNDER COMMON CONTROL WITH") means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, as
trustee, by contract, or otherwise.

<Page>

"AGENCY" or "AGENCIES" means individually and collectively: (i) the United
States Food and Drug Administration, and any other federal, state, local,
provincial or other governmental or regulatory agency in the world which now
regulates, or may in the future regulate, the use, development, registration or
sale of drugs and/or drug delivery systems; and (ii) the United States Patent
and Trademark Office, the United States Copyright Office, and any other federal,
state, local, provincial or other governmental or regulatory agency in the world
which now regulates, or may in the future regulate, the protection, use, or
registration of technology.

"AGREEMENT" shall have the meaning given to such term in the PREAMBLE.

"CONFIDENTIAL INFORMATION" means all confidential and/or proprietary information
of a Person (the "OWNING PERSON"), who is a party to this Agreement, considers
to be confidential or proprietary, whether arising under statute, common law or
otherwise, whether belonging in whole or part to the Owning Person, and whether
subject to license or other grant of rights by or to the Owning Person as
licensor or as licensee. Confidential Information excludes information that is
generally and publicly known to those skilled in the fields of transdermal drugs
and drug delivery systems. Confidential Information also excludes information
disclosed by the Owning Person to a Person (a "RECEIVING PERSON"), and only as
to such Receiving Person, that (i) is lawfully known to such Receiving Person
without an obligation of confidentiality prior to the disclosure by the Owning
Person to such Receiving Person; (ii) is information the Receiving Person can
document was lawfully acquired without an obligation of confidentiality by such
Receiving Person or rightfully furnished to such Receiving Person by means other
than disclosure by the Owning Person; (iii) is information which such Receiving
Person can document is lawfully and independently developed by such Receiving
Person; or (iv) is required to be disclosed by such Receiving Person pursuant to
law, provided such Receiving Person uses reasonable efforts to give the Owning
Person reasonably detailed prior notice of such required disclosure and an
opportunity to oppose such disclosure or obtain entry of a suitable protective
order.

"DRUG" or "DRUGS" means any and all OTC Products designed, developed, marketed
and/or sold by Licensee pursuant to this Agreement.

"EFFECTIVE DATE" shall have the meaning given to such term in the PREAMBLE.

"EXCLUSIVE" shall mean that the rights (as qualified by any accompanying
restrictions) granted to a particular Person shall be to the exclusion of all
other Persons in the Territory, including the Licensor.

"FIELD OF USE LICENSE" shall have the meaning given such term in Section 2.3.

"IMPROVEMENTS" means any enhancements, modifications, corrections, inventions,
changes, or innovations made to Licensed Technology, developed on or after the
Effective Date.

"INITIAL TERM" shall have the meaning given to such term in Section 8.1.

"LICENSEE" shall have the meaning given to such term in the PREAMBLE.

"LICENSED TECHNOLOGY" shall have the meaning given to such term in the PREAMBLE.

"LICENSOR" shall have the meaning given to such term in the PREAMBLE.

                                        2
<Page>

"OTC LICENSE" shall have the meaning given to such term in Section 2.1.

"NON-OTC PRODUCTS" means all transdermal drug delivery products developed,
manufactured, marketed, sold and commercialized by Licensor that are not
otherwise classified hereunder as OTC Products as well as the DN Product (as
defined below).

"NON-PATENT TECHNOLOGY" shall have the meaning given to such term in Section
8.1.

"OTC PRODUCTS" means all products that utilize and incorporate the Licensed
Technology, are classified by the FDA as "over-the-counter products", and that
require less than one million dollars ($1,000,000) of clinical development;
PROVIDED HOWEVER, that OTC Products shall specifically not include (i) that
certain diabetic neuropathy product developed by Licensor and which is the
subject of a clinical study being conducted at the Jocelyn Diabetes Center in
Boston (the "DN Product"); (ii) products used by the dermatologic industry to
treat cosmetic conditions or used by dermatologist in conjunction with a
dermatologic or cosmetic treatment; or (iii) products used or marketed for the
animal health care industry.

"PATENTS" shall have the meaning given to such term in the RECITALS.

"PATENT RIGHTS" shall include all rights licensed exclusively to Licensor under
the Patents together with any reissue or examination of such Patents and any
extensions of such Patents and including divisionals, continuations,
continuations-in-part, as well as any counterparts and patents claiming priority
thereto.

"PERSON" or "PERSONS" means any individual, corporation, governmental or
regulatory authority, limited liability company, partnership, trust, estate,
unincorporated association or other entity.

"QUARTER YEAR" means the three (3) month periods ending March 31, June 30,
September 30 and December 31 of each calendar year.

 "TERRITORY" means the entire world.

ARTICLE 2.  GRANT OF LICENSE; SUBLICENSE; LICENSE BACK.

     2.1    LICENSE BY LICENSOR.

     Licensor hereby grants to Licensee, and Licensee hereby accepts, subject to
the terms and conditions set forth herein, an exclusive, irrevocable and
unlimited license (subject to Licensee's right to terminate pursuant to s. 8.2
below) to use and practice the Licensed Technology within the Territory in all
respects as it relates to OTC Products only, subject to the terms and conditions
set forth herein (the "License").

     2.2    SUBLICENSE.

     Licensee may grant a sublicense for any or all of its rights granted under
the License to any of Licensee's Affiliates pursuant to a written agreement
under the same terms as set forth in SECTION 2.1; PROVIDED, HOWEVER, that each
such sublicense agreement shall expressly provide that all of Licensee's
obligations set forth in this Agreement with respect to the Licensed Technology
or Improvement which is the subject of the sublicense shall be binding upon such
Affiliate as if such Affiliate were a party to this Agreement; and PROVIDED,
FURTHER,

                                        3
<Page>

that any such sublicense shall terminate immediately upon such Affiliate's
ceasing to be an Affiliate of Licensee.

     2.3    LICENSE BACK.

     Licensee hereby grants to Licensor, and Licensor hereby accepts back from
Licensee, a license to practice and use the Licensed Technology to develop and
manufacture OTC Products for Licensee (the "Field of Use License"). For greater
clarity, as a result of the grant by Licensee to Licensor of the Field of Use
License, Licensee shall retain all rights to market, sell and commercialize in
all respects OTC Products, and Licensor shall obtain, the right to use the
Licensed Technology to develop and manufacture OTC Products for Licensee on the
terms and conditions to be agreed to by the Parties.

ARTICLE 3.  RIGHTS TO IMPROVEMENTS.

     3.1    LICENSE OF IMPROVEMENTS.

     Licensor shall own all right, title and interest in and to any Improvements
made by Licensor and its Affiliates and Licensee shall have a license to use and
practice any Improvements on the terms set forth in SECTION 2.1. Licensee shall
have the right to sublicense such Improvements as set forth in SECTION 2.2,
PROVIDED, HOWEVER, that any such sublicense agreement shall expressly provide
that all of Licensor's obligations set forth in this Agreement with respect to
the Improvements which are the subject of the sublicense shall be binding upon
such sublicensee as if such sublicensee were a party to this Agreement.

     3.2    NOTICE OF IMPROVEMENTS.

     Upon the development of any Improvement by Licensor or its Affiliate,
Licensor shall provide Licensee with prompt notice of such Improvement including
a detailed description of the Improvement and the uses and anticipated uses of
such Improvement. Licensee shall treat the same as Confidential Information of
Licensor in accordance with ARTICLE 11 of this Agreement.

ARTICLE 4.  PROMOTION; REFERRALS.

     4.1    PROMOTION.

     Licensee shall have sole discretion to determine how, whether and to what
extent to promote the OTC Products for sale in the Territory, shall control all
marketing, sales and commercialization of the OTC Products in the Territory and
shall not be required at any time to seek or obtain the consent (either express
or implied) of Licensor with respect to such activity or any other activity that
falls within the scope of the Field of Use License. Licensee may use its own
branding, packaging, promotion and advertising and at no time shall Licensor
obtain, by virtue of this Agreement or otherwise, any express or implied license
or ownership in such branding, packaging or advertising.

     4.2    REFERRALS.

     Licensor shall promptly refer to Licensee all inquiries from Persons
regarding the marketing, sale and/or commercialization of OTC Products within
the Territory and shall

                                        4
<Page>

have no right to negotiate with any such Persons regarding any aspect of such
marketing, sale or commercialization within the Territory without the express
written consent of Licensee.

ARTICLE 5.  RIGHTS, RESTRICTIONS AND COVENANTS OF LICENSOR.

     5.1    NON-OTC PRODUCTS.

            (a)    Notwithstanding anything to the contrary in this Agreement,
     Licensor retains all rights to use and practice the Licensed Technology and
     the Improvements made by Licensor to develop, manufacture, distribute,
     market, sell and commercialize Non-OTC Products in the Territory.

            (b)    Notwithstanding anything to the contrary in this Agreement,
     Licensor shall retain the right to use and practice the Licensed Technology
     to develop and manufacture OTC Products exclusively for the Licensee.

     5.2    COVENANTS.

     Licensor shall not grant any rights to any third party which conflict with
or contradict the rights granted to Licensee hereunder.

ARTICLE 6.  FILINGS; COOPERATION.

     6.1    DERIVATIVE APPLICATIONS.

            (a)    Subject to such other agreement as may be entered into among
     the Parties, Licensor shall, at its expense, make any and all required
     applications or filings with respect to the Patents and any Improvements
     with respect thereto with any Agency within the Territory, including,
     without limitation, patent applications and patent registration filings
     (each a "Patent Filing" and collectively, the "Patent Filings"). All Patent
     Filings shall be made in the name of Licensor, and Licensor will own all
     rights and interest thereto. Such rights shall automatically be licensed to
     Licensee in accordance with the provisions of SECTIONS 2.1 and 3.1.

            (b)    In the event that Licensor fails to make any required Patent
     Filing in a timely fashion, Licensee may, at Licensor's expense, make such
     Patent Filing. All such Patent Filings shall made in the name of Licensor
     (to the extent such filings may be made in a Person's name) and Licensor
     will own all rights and interest thereto, and such rights shall
     automatically be licensed to Licensee pursuant to SECTIONS 2.1 and 3.1.
     Licensor shall be responsible for the future administration and expense
     associated with maintaining all such registrations and filings.

            (c)    Licensor, at the request of Licensee, and at no royalty, data
     compensation, or other cost to Licensee, will cooperate and assist with all
     Patent Filings made by Licensee pursuant to SECTION 6.1(b) including,
     without limitation, by providing all necessary explanatory materials,
     Agency correspondence and documentation for the same or similar filings
     with other Agencies, disclosing all preliminary investigations regarding
     registrability of any Patent or Improvement and executing and securing the
     execution of any documents necessary to complete such Patent Filing and
     make it effective.

                                        5
<Page>

            (d)    All costs associated with the filing of registrations and/or
     applications with respect to Non-Patent Technology, including, but not
     limited to trademark and tradename filings, shall be borne by the Licensee
     if such filings relate to OTC Products and by the Licensor if such filings
     relate to Non-OTC Products.

ARTICLE 7.  CONSIDERATION FOR GRANT OF LICENSE.

     In full and complete consideration for the grant of License to Licensee,
Licensee shall make a one-time, non-refundable transfer to Licensor of one
million five hundred thousand (1,500,000) shares of Class B common stock of the
Licensee (the "Shares"). The Shares shall be transferred pursuant to a Share
Transfer Agreement among Licensee and Licensor in a form substantially the same
as attached hereto as EXHIBIT B and shall be subject in all respects to the
terms and conditions of such Share Transfer Agreement.

ARTICLE 8.  TERM AND TERMINATION.

     8.1    INITIAL TERM AND RENEWAL.

     This Agreement shall have a term expiring on the expiration date of the
last Patent to expire. With respect to Licensed Technology that is not a Patent
or patent application ("Non-Patent Technology"), this Agreement shall have an
initial term of ten (10) years, measured from the Effective Date (the "Initial
Term"). This Agreement shall automatically renew for successive renewal terms of
two (2) years each with respect to the Non-Patent Technology unless otherwise
terminated in writing by Licensee within ninety (90) days of the end of the
Initial Term or any renewal term.

     8.2    TERMINATION FOR CONVENIENCE BY LICENSEE.

     Licensee may, at any time, terminate this Agreement in whole, or in
relation to any item of Licensed Technology or Improvement of Licensor, with or
without cause, by giving ninety (90) days written notice of termination to
Licensor.

ARTICLE 9.  DISCLAIMER OF WARRANTIES.

     LICENSOR MAKES NO WARRANTIES, EXPRESS OR IMPLIED, REGARDING OR RELATING TO
THE LICENSED TECHNOLOGY AND SPECIFICALLY DISCLAIMS ALL IMPLIED WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE
LICENSED TECHNOLOGY.

ARTICLE 10. INFRINGEMENT; INDEMNITY.

     10.1   INFRINGEMENT BY LICENSEE.

     Licensee agrees to indemnify and hold harmless Licensor against those
damages (including fees and costs attributable the retention of patent counsel,
patent consultants and such other consultants and advisors that may be retained
by Licensor) incurred by Licensor in respect of infringement of a third party's
(i.e., other than Licensor or its Affiliates) rights, arising directly and
solely out of Licensee's or its sublicensee's use or practice after the
Effective Date of the Licensed Technology after Licensee had received written
notice of the relevant infringement claim; PROVIDED, HOWEVER, that such damages
have been awarded against Licensor by a court of final jurisdiction; and
provided further that Licensee shall not

                                        6
<Page>

indemnify Licensor for any infringement claim by any Person to the extent such
claim is due to the Licensor's default hereunder.

     10.2   INDEMNIFICATION PROCEDURES.

     If any Person makes a claim as described in SECTION 10.1 with respect to
which Licensor intends to seek indemnification, Licensor shall give Licensee,
prompt notice of such claim, including a brief description of the amount and
basis therefor if known. To the extent that the infringement claim by a Person
claims infringement relating to the period after the Effective Date, Licensee
shall notify Licensor whether Licensee elects to defend Licensor against such
claim, at Licensee's expense. If Licensee elects not to defend Licensor,
Licensee will provide Licensor with notice of its election and Licensor will
have the right, but not the obligation, to defend such infringement. To the
extent that the claim by a Person claims infringement relating to the period
prior to the Effective Date, Licensor and Licensee's rights and obligations
shall be as provided in the Purchase Agreement. Upon receipt of such notice from
Licensor, Licensee shall have the right, but not the obligation, to defend
Licensor against such claim and in the event Licensee elects to defend Licensor,
Licensor shall provide Licensee with all reasonable assistance in respect of
such defense. Any election and resulting notice of election made by Licensee in
accordance with this SECTION 10.2 shall be made no later than ten (10) business
days after notice of the claim is received by Licensee. Licensor shall not make
any admissions or settlement offers unless or until Licensee elects not defend
Licensor against such claim.

     10.3   INFRINGEMENT OR MISAPPROPRIATION.

     If either Party becomes aware of any actual or potential infringement or
misappropriation of the Licensed Technology by any Person, it shall promptly
notify the other Party of such infringement or misappropriation. Licensor has
the right, but not the obligation, to prosecute, at its own expense, any
misappropriation or infringement of the Licensed Technology. Within ten (10)
business days after notice of such infringement or misappropriation, Licensor
shall make an election to prosecute or not prosecute such infringement or
misappropriation and send Licensee notice of such election. If Licensor elects
not to prosecute such infringement or misappropriation, Licensor will provide
Licensee with notice of its election and Licensee will have the right, but not
the obligation, to prosecute such infringement or misappropriation at its own
expense, and regardless of whether such infringement or misappropriation
occurred prior to and/or after the Effective Date. Licensee shall be entitled to
prosecute such infringement or misappropriation in its own name or, where
required by local law requirements, in either the joint names of Licensee and
Licensor or in the name of Licensor. In the event that Licensee notifies
Licensor that it wishes to commence such an action and that local law requires
it to be brought in either the Parties' joint names or in the name of Licensor,
Licensor shall have the option (to be exercised within fifteen (15) days of such
notice) to agree to join Licensee in suit and/or reimburse Licensee for one-half
of all costs Licensee incurs in relation to such prosecution and in such
circumstances the Parties shall share the monetary proceeds of any such
prosecution. In the event that Licensor does not elect to join the prosecution
or reimburse Licensee with one-half of costs incurred as aforesaid, Licensee
shall be entitled to retain all monetary proceeds (including damages and awards
for costs) arising out of such prosecution less reimbursement to Licensor for
costs Licensor reasonably incurs in connection with such prosecution, including
without limitation costs for Licensor's cooperation in any such prosecution.

                                        7
<Page>

Notwithstanding the foregoing, any prosecution of Licensee or its Affiliates by
Licensor of any alleged infringement or misappropriation of Licensed Technology
shall be governed by the dispute resolution procedures set forth in SECTION 12.7
of this Agreement. Any prosecution by Licensor or Licensee of any alleged
infringement or misappropriation of the Licensed Technology by any Person other
than Licensor, Licensee and their respective Affiliates shall not be governed by
the dispute resolution procedures set forth in SECTION 12.7 of this Agreement.

ARTICLE 11. CONFIDENTIALITY.

     11.1   PERMITTED DISCLOSURE.

     Subject to SECTION 11.2, Licensee or Licensor may disclose the other's
Confidential Information to any Person including, without limitation, any
dealer, distributor, agent or advisor of Licensee or Licensor, for any business
purpose not inconsistent with this Agreement; PROVIDED, HOWEVER, that each such
Person shall agree in writing, prior to such disclosure, not to disclose such
Confidential Information to any other Person, without the prior written
permission of the Party disclosing such Confidential Information.

     11.2   PROHIBITED DISCLOSURE.

     Except as otherwise permitted by SECTION 11.1 Licensee and Licensor shall,
and shall ensure that each of their respective Affiliates dealers, distributors,
agents and advisors shall: (i) hold Confidential Information of the other Party
in strict confidence; and (ii) not disclose Confidential Information of the
other Party to any Person and will take all reasonable steps to prevent such
disclosure, which steps will include at least those taken by such party to
protect its own Confidential Information of like kind; PROVIDED THAT if any
Person shall seek to compel a recipient of Confidential Information to disclose
any of the Confidential Information, such recipient will notify the disclosing
party promptly so that the disclosing party may seek a protective order or other
appropriate remedy. In the event a protective order or other remedy is obtained,
the recipient will furnish only that portion of the Confidential Information,
which it is advised by legal counsel is legally required to be furnished.

     11.3   TRADE SECRETS AND KNOW-HOW.

     Licensor and Licensee will each take all reasonable measures to protect the
confidential nature and trade secret status of any and all trade secrets and
know-how constituting the other Party's Confidential Information (whether or not
such Confidential Information forms part of the Licensed Technology), including
at least the measures that each Party takes to protect its own trade secrets,
confidential information or proprietary know-how not subject to this Agreement.

ARTICLE 12. MISCELLANEOUS.

     12.1   RELATIONSHIP BETWEEN THE PARTIES; PARTIES IN INTEREST.

     Nothing in this Agreement shall cause any party to this Agreement or cause
any Affiliate, distributor, dealer, officer, director, employee, representative,
agent, or independent contractor of any party to: (i) be considered an officer,
director, employee, representative, or agent of another party for any purpose
whatsoever, (ii) have any authority to make any

                                        8
<Page>

agreement or commitment for another party or to incur liability or obligation in
another party's name or on its behalf, or (iii) represent to other Persons that
any of them has any right so to bind another party hereto. Nothing contained in
this Agreement shall be construed or interpreted as creating an agency,
partnership, or joint venture relationship between the Parties. Nothing in this
Agreement is intended to confer any rights or remedies on any persons other than
Licensee and Licensor. This Agreement shall not be construed to relieve or
discharge any obligations or liabilities of Persons other than Licensee or
Licensor, nor shall it be construed to give any right of subrogation or action
against Licensee or Licensor.

     12.2   NOTICES.

     All notices, consents and other communications required or permitted by
this Agreement shall be in writing in the English language, may be given by a
party or its legal counsel, and shall be deemed to have been duly given (i) when
personally delivered (provided written confirmation thereof is also delivered in
person or by express courier), or (ii) upon delivery by United States Express
Mail or similar nationally recognized express courier service which provides
evidence of delivery, or (iii) upon delivery by telephone or facsimile
transmission, provided a copy thereof is also delivered in person or by express
courier.

     Notice to Licensee and its Affiliates shall be sufficient if given to:

            Vaso Active Pharmaceuticals, Inc.
            99 Rosewood Drive, Suite ___
            Danvers, MA 01923
            Attn.: John J. Masiz, President
            Telephone Number:
            Facsimile Number:

            with a copy to:

            Robinson & Cole LLP
            One Boston Place
            Boston, MA 02108
            Attn.: David A. Garbus, Esq.
            Telephone Number:  (617) 557-5955
            Facsimile Number:  (617) 557-5999

            Notice to Licensor shall be sufficient if given to:

            BioChemics, Inc.
            99 Rosewood Drive, Suite 200
            Danvers, MA 01923
            Attn.: John J. Masiz
            Facsimile Number:
            Telephone Number:

            with a copy to:

            [             ]

                                        9
<Page>

            Each Party shall have the right to designate other or additional
     addresses or addressees for the delivery of notices, by giving notice as
     provided in this SECTION 12.2.

     12.3   ENTIRE AGREEMENT; CONSTRUCTION.

     This Agreement constitutes the entire agreement between the Parties
pertaining to its subject matter, and it supersedes any and all written or oral
agreements previously existing between the Parties with respect to the subject
matter. This Agreement has been fairly negotiated by the Parties with advice of
counsel. This Agreement will be fairly interpreted in accordance with its terms
and without any strict construction in favor of or against either Party.

     12.4   AMENDMENT AND MODIFICATION; SUCCESSORS AND ASSIGNS.

     No supplement, modification, or amendment of this Agreement shall be
binding unless executed in writing by Licensor and Licensee. This Agreement
shall inure to the benefit of, and shall be binding upon, the successors and
permitted assigns of each of Licensee and Licensor.

     12.5   WAIVER.

     Any Party's failure to insist on strict performance of any provision of
this Agreement shall not be deemed a waiver of any of its rights or remedies,
nor shall it relieve any other Party from performing any subsequent obligation
strictly in accordance with the terms of this Agreement. No waiver shall be
effective unless it is in writing and signed by the Party against whom
enforcement is sought. The waiver shall be limited to provisions of this
Agreement specifically referred to therein and shall not be deemed a waiver of
any other provision. No waiver shall constitute a continuing waiver unless the
writing states otherwise.

     12.6   ASSIGNMENT.

     Licensee may assign its rights under this Agreement to an Affiliate, but
Licensee may not otherwise transfer this Agreement without the prior written
consent of Licensor, which consent may be given or withheld in its sole
discretion, and any attempted transfer in violation of this SECTION 12.6 shall
be deemed void; PROVIDED, HOWEVER, that Licensee shall be entitled to assign the
full benefit of this Agreement to its lenders from time to time and to such
lenders' successors in title. Licensor shall ensure that any permitted assignee
of any part of the Licensed Technology or Improvements takes subject to and
agrees with the Licensee to be bound by the terms of this Agreement.

   12.7     CHOICE OF LAW; CHOICE OF FORUM; ALTERNATIVE DISPUTE RESOLUTION.

     (a)    APPLICABLE LAW.

            All questions concerning the construction, validity, and
     interpretation of this Agreement and the performance of the obligations
     imposed by this Agreement shall be governed by the internal law, but not
     the law of conflicts, of the Commonwealth of Massachusetts, United States
     of America.

                                       10
<Page>

     (b)    DISPUTE RESOLUTION.

            Any and all disputes between the Parties or their Affiliates arising
     out of or related to this Agreement including, without limitation,
     questions concerning the construction, enforceability, validity, and
     interpretation of this Agreement and the performance of the obligations
     imposed by this Agreement, any dispute which relates to the Confidential
     Information of any Party hereto, will be initially mediated in accordance
     with the dispute resolution procedures set forth in this SECTION 12.7 and
     EXHIBIT C. No provision of, or the exercise of any rights under this
     SECTION 12.7 and EXHIBIT C shall limit the right of any Party to pursue all
     legal remedies available to them, or obtain provisional or ancillary
     remedies such as injunctive relief from a court having jurisdiction before,
     during or after the pendency of any alternative dispute resolution.

     (c)    WAIVER OF TRIAL BY JURY.

            LICENSOR AND LICENSEE EACH KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
     WAIVE ANY RIGHT EACH MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
     LITIGATION AMONG THEM AND/OR THEIR AFFILIATES BASED HEREON OR ARISING OUT
     OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY COURSE OF CONDUCT,
     COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE
     OTHER PARTIES IN CONNECTION HEREWITH.

     (d)    CONSENT TO JURISDICTION.

            Licensee and Licensor each irrevocably consent that any action or
     proceeding among the Parties and/or their Affiliates, under, arising out of
     or in any manner relating to this Agreement shall be brought in the United
     States District Court for the District of Massachusetts. Licensee and
     Licensor hereby each expressly and irrevocably assent and submit to the
     personal jurisdiction of any such court in any such action or proceeding.
     Licensee and Licensor each further irrevocably consent to the service of
     summons, notice, or other process relating to any such action or proceeding
     by delivery thereof by hand or by mail in the manner provided for in
     SECTION 12.2 of this Agreement and consent that it may be served with any
     process or paper by registered mail or by personal service within or
     without the Commonwealth of Massachusetts, as the case may be, in
     accordance with applicable law. Licensee and Licensor each waive any
     objection, claim or defense which it may have at any time to the laying of
     venue of any such action or proceeding in any such court; irrevocably waive
     any claim that any such action or proceeding brought in any such court has
     been brought in an inconvenient forum; and further irrevocably waive the
     right to object, with respect to any such action or proceeding brought in
     any such court, that such court does not have jurisdiction over such party.

     12.8   SECTION HEADINGS; EXHIBITS; SEVERABILITY; COUNTERPARTS.

     The section headings in this Agreement are included for convenience only
and shall not be deemed to limit or otherwise affect the construction of any of
its provisions. All Exhibits attached to this Agreement are hereby incorporated
herein and made a part hereof. This Agreement may be signed by the Parties
executed in one or more counterparts as may be

                                       11
<Page>

deemed necessary, each of which so signed shall be deemed to be an original, and
all such counterparts together shall constitute one and the same instrument.
Delivery of an executed signature page to this Agreement by facsimile
transmission shall be as effective as delivery of a manually signed counterpart
of this Agreement.

     12.9   COUNTING OF TIME.

     Whenever time is to be counted hereunder, counting will commence on the day
notice is deemed duly given pursuant to SECTION 12.2 and continue for
consecutive calendar days through and including the final day of the relevant
period provided for in this Agreement.

     12.10  SURVIVAL.

     The provisions of SECTION 12.7, and ARTICLES 10 and 11 shall survive the
termination or expiration of this Agreement.

                      (THE NEXT PAGE IS THE SIGNATURE PAGE)

                                       12
<Page>

     IN WITNESS WHEREOF, Licensee and Licensor have caused this LICENSE
AGREEMENT to be executed as of the Effective Date by their duly authorized
representatives.

                                      LICENSOR:

                                      BIOCHEMICS, INC.

                                      By:
                                         ------------------------------
                                         Name: John J. Masiz
                                         Title: President

                                      LICENSEE:

                                      VASO ACTIVE PHARMACEUTICALS, INC.

                                      By:
                                         ------------------------------
                                         Name: John J. Masiz
                                         Title: President

<Page>

                          EXHIBITS TO LICENSE AGREEMENT

                                 by and between

                              Licensor and Licensee

     EXHIBIT A - Licensed Technology

     EXHIBIT B - Form of Share Transfer Agreement

     EXHIBIT C - ADR Procedures

<Page>

                                    EXHIBIT A

                               LICENSED TECHNOLOGY

THE LICENSED TECHNOLOGY INCLUDES ALL FORMS OF THE FOLLOWING PROPRIETARY RIGHTS

(i) Those (1) patents, patent applications, and copyrights, and all improvements
thereof and all registrations and applications in connection therewith; (2)
business, proprietary and confidential information, including trade secrets,
technical information, know-how, ideas, designs, processes, procedures,
algorithms, discoveries, inventions, notebooks, research notes and files,
computer programs (including documentation and related object and source
code)and all improvements thereof and all registrations and applications
therefore; and (3) all other information and Intellectual Property Rights
principally related to the Licensed Technology

(ii) The following patents:

<Table>
<Caption>
 Patent No.       Application date    Application number     Date of Patent
--------------------------------------------------------------------------------
 <S>              <C>                 <C>                    <C>
 US 5,460,821     APRIL 13, 1994      227,365                OCTOBER 24, 1995
 US 5,645,854     OCTOBER 12, 1995    542,068                JULY 8, 1997
 US 5,843,751     JUNE 9, 1997        871,156                DECEMBER 29, 1998
--------------------------------------------------------------------------------
</Table>

and any divisionals, continuations, continuations in part, reexaminations and
reissues thereof, as well as any counterparts claiming priority thereto, in each
case anywhere in the Territory.

[NEED TO ADD ALL INTERNATIONAL PATENTS IN HERE]

THE LICENSED TECHNOLOGY SPECIFICALLY EXCLUDES:

[ADD EXCLUDED TECHNOLOGY]

<Page>

                                    EXHIBIT B

                            SHARE TRANSFER AGREEMENT

<Page>

                                    EXHIBIT C

                    ALTERNATIVE DISPUTE RESOLUTION PROCEDURES

A.   METHOD OF INVOKING ADR PROCEDURES

     1.     These procedures may be invoked by any Party by giving written
notice to the other of the dispute and designating one or more persons
(collectively, the "DESIGNEE") to act on behalf of the disputing Party regarding
the dispute. The other Party shall be required to respond to the disputing
Party's notice within ten (10) business days by designating in writing its own
Designee. A Party may choose to represent itself, or if it appoints a Designee,
its officers may nonetheless attend such meetings.

     2.     The Parties, each acting through its Designee, shall meet at a
mutually acceptable time and place within ten (10) business days after the
non-disputing Party designates its Designee to the others. At that meeting, the
Parties shall attempt in good faith to negotiate a resolution of the dispute, or
failing that, to agree on a method for resolving the claim or dispute.

     3.     If, within ten (10) business days after the first meeting or within
such longer period of time as the Parties may mutually agree, the Parties have
not succeeded in negotiating a resolution of the claim or dispute or agreeing on
a dispute resolution mechanism, they shall submit the dispute to mediation in
accordance with the procedures set forth herein.

     4.     The Parties will jointly appoint a mutually acceptable mediator to
mediate the dispute. If the Parties are unable to agree on a mutually acceptable
mediator within five (5) business days after the conclusion of the negotiations
described in Paragraph 3 above, then the Parties shall select a neutral Person
from American Arbitration Association ("AAA") in New York, New York, with the
assistance of AAA, unless the Parties agree otherwise in finding a mutually
acceptable mediator.

     5.     Each Party to the dispute shall bear an equal share of the fees and
costs of the mediator, and any fees and costs of AAA.

     6.     The Parties agree to participate in good faith in the mediation and
negotiations related thereto for a period of thirty (30) days from appointment
of a mediator by any of the Parties or the AAA.

     7.     The Parties agree that the mediation period may be extended for an
additional thirty (30) days beyond the initial thirty (30) day period upon
agreement of the Parties. Either Party may terminate the mediation at any time
after the initial thirty (30) days or when any agreed upon extension has
expired.

B.   MEDIATION PROCEDURES

     1.     The mediator shall be neutral and impartial.

     2.     The mediator shall control the procedural aspects of the mediation.
The Parties will cooperate fully with the mediator.

<Page>

            a.     The mediator is free to meet and communicate separately with
each Party.

            b.     The mediator  will decide when to hold joint  meetings with
the Parties and when to hold separate meetings. There shall be no stenographic
record of any meeting. Formal rules of evidence will not apply.

     3.     Each Party may be represented by more than one person, including an
attorney.

     4.     The process will be conducted expeditiously.

     5.     The mediator will not transmit information received from any Party
to another Party or any third person unless authorized to do so by the Party
transmitting the information.

     6.     The entire process is confidential. The Parties and the mediator
will not disclose information regarding the process, including settlement terms,
to third persons, unless the Parties otherwise agree. The process shall be
treated as a compromise negotiation for purposes of the applicable rules of
evidence. Further, the Parties will not disclose the existence of a dispute or
information regarding the mediation to third persons including, without
limitation, the media.

     7.     The Parties will refrain from pursuing administrative and/or
judicial remedies during the mediation process, except as otherwise expressly
provided in the agreement which incorporates these procedures. The Parties agree
that any and all statutes of limitation or periods of time for taking action
shall be tolled during the time period that the Parties are engaged in
mediation.

     8.     Unless all Parties and the mediator otherwise agree in writing:

            a.     The mediator will be disqualified as a witness, consultant
or expert in any pending or future investigation, action or proceeding relating
to the subject matter of the mediation (including any investigation, action or
proceeding which involves persons not Parties to this mediation);

            b.     The mediator, at the conclusion of the mediation, will
immediately either destroy and certify destruction of, or return to the
providing Party, any and all documents and information in the mediator's
possession, whether or not the mediation was successful; and

            c.     The mediator will not be subpoenaed in any such
investigation, action or preceding and all Parties will oppose any effort to
have the mediator subpoenaed.

     9.     The mediator, if a lawyer, may freely express views to the Parties
on the legal issues of the dispute.

     10.    The mediator shall not be liable for any act or omission in
connection with the mediation.

     11.    The mediator may withdraw at any time by written notice to the
Parties (i) for overriding personal reasons, (ii) if the mediator believes that
a Party is not acting in good faith, or (iii) if the mediator concludes that
further mediation efforts would not be useful.

<Page>

C.   LITIGATION

     1.     If the Parties do not resolve the dispute through mediation within
the period provided in PART B above, the Parties may pursue any and/or all
applicable legal and/or equitable remedies available to them.

<Page>

                         AMENDMENT TO LICENSE AGREEMENT

     THIS AMENDEMENT TO LICENSE AGREEMENT (this "Amendment"), is dated as of
July 2, 2003 (the "EFFECTIVE DATE"), by and between BIOCHEMICS, INC., a
corporation organized under the laws of the State of Delaware, United States of
America ("Licensor"), and VASO ACTIVE PHARMACEUTICALS, INC., a corporation
organized under the laws of the State of Delaware, United States of America
("LICENSEE", together with Licensor, the "Parties" and each individually a
"Party").

     WHEREAS, Licensor and Licensee are parties to that certain License
Agreement, dated as of February 1, 2003 (the "License Agreement");

     AND WHEREAS, subject to the terms and conditions of the License Agreement,
Licensor granted to Licensee an exclusive, irrevocable and unlimited license to
use and practice, INTER ALIA, certain of Licensors Patents within the Territory
in all respects as it relates to Licensor's OTC Products (the "License");

     AND WHEREAS, in addition to the Patents, Licensor owns certain registered
trademarks that it desires to grant to Licensee, and which Licensee desires to
acquire from Licensor an exclusive, irrevocable and unlimited license to use the
Trademarks (as defined below) in all respects as such Trademarks relate to the
OTC Products, subject to the terms and conditions set forth herein and in the
License Agreement;

     AND WHEREAS, in accordance with Section 12.4 of the License Agreement, the
Parties wish to amend the License Agreement on the terms and conditions set
forth herein,

     NOW THEREFORE, for the mutual promises and obligations described below, and
for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged by both Parties, Licensor and Licensee hereby agree as
follows:

1.   DEFINED TERMS. Capitalized terms used herein but not defined shall have the
meanings assigned to them in the License Agreement, unless otherwise expressly
specified herein.

2.   AMENDMENT TO PREAMBLE OF LICENSE AGREEMENT. The first recital in the
preamble of the License Agreement is hereby deleted in its entirety and replaced
with the following:

     "WHEREAS, LICENSOR IS IN THE BUSINESS OF DESIGNING, DEVELOPING AND USING
     TECHNOLOGY RELATING TO A "MOLECULAR TRANSDERMAL TRANSPORT SYSTEM" DISCLOSED
     IN U.S. PATENT NOS. 5,460,821, 5,645,854 AND 5,853,751 (THE "PATENTS") AND
     IS THE REGISTERED OWNER OF CERTAIN TRADEMARKS (AS DEFINED BELOW) AND
     CONTINUES TO MAKE IMPROVEMENTS THERETO AND HAS ACQUIRED SUBSTANTIAL
     KNOW-HOW, SUBSTANTIAL GOODWILL AND SUBSTANTIAL REPUTATION IN THE AREA OF
     TRANSDERMAL DRUG DELIVERY TECHNOLOGY (TOGETHER WITH THE TRADEMARKS AND THE
     PATENTS, THE "LICENSED TECHNOLOGY") AND HAS ACQUIRED CERTAIN RIGHTS
     THERETO";

<Page>

3.   AMENDMENT TO ARTICLE I OF LICENSE AGREEMENT. Article I of the License
Agreement is hereby amended by adding the following definitions at the end of
Article I:

     "'TRADEMARKS' MEANS, COLLECTIVELY, THE REGISTERED TRADEMARKS OF LICENSOR
     LISTED IN SCHEDULE D AND THE GOODWILL OF THE BUSINESS ASSOCIATED THEREWITH;
     PROVIDED HOWEVER, THAT SUCH TERM SHALL SPECIFICALLY EXCLUDE ANY AND ALL OF
     THE LICENSOR'S RIGHTS REGARDING THE REGISTERED TRADEMARK "deFEET" AS USED
     BY LICENSOR UNDER LICENSE WITH A PERSON NOT PARTY TO THIS AGREEMENT.

     `TRADEMARK FILINGS' SHALL HAVE THE MEANING GIVEN TO SUCH TERM IN SECTION
     6.1(a)."

4.   ADDITION OF SECTION 2.4 TO LICENSE AGREEMENT. A new Section 2.4 is hereby
added to the License Agreement as follows:

            "2.4   Notwithstanding the exclusion of the "deFEET" mark from the
     definition of "Trademark" in Article I, and in addition to the License
     granted by Section 2.1 hereof, Licensor hereby assigns to Licensee
     Licensor's ownership of any and all revenue associated with the sale,
     commercialization and marketing by Licensor of the OTC Product currently
     marketed by Licensor under the "deFEET" trademark; PROVIDED HOWEVER, that
     Licensee shall be responsible for all expenses associated with such sale,
     marketing and commercialization."

5.   AMENDMENTS TO ARTICLE 6 OF LICENSE AGREEMENT.

            (i)    Section 6.1(a) of the License Agreement is hereby amended by
     adding the words "TRADEMARKS (COLLECTIVELY, THE "TRADEMARK FILINGS"), AND
     WITH RESPECT TO THE" after the words "with respect to the" in the third
     line of Section 6.1(a); and by adding the words "TRADEMARK FILINGS AND"
     after the word "All" in the sixth line of Section 6.1(a).

            (ii)   Sections 6.1(b) and 6.1(c) of the License Agreement are each
     hereby amended by adding the words "TRADEMARK FILINGS AND/OR" before the
     words "Patent Filings" in each instance where the words "Patent Filings"
     appear in Sections 6.1(b) and 6.1(c).

            (iii)  A new Section 6.2 shall be added after Section 6.1(c) as
     follows:

            "6.2   QUALITY CONTROL.

            LICENSEE AGREES THAT THE NATURE AND QUALITY OF ALL SERVICES RENDERED
     BY LICENSOR IN CONNECTION WITH THE TRADEMARKS SHALL CONFORM TO STANDARDS
     SET BY AND BE UNDER THE CONTROL OF LICENSOR. LICENSEE AGREES TO COOPERATE
     WITH LICENSOR IN FACILITATING ITS CONTROL OF SUCH NATURE AND QUALITY, TO
     PERMIT REASONABLE INSPECTION OF LICENSEE'S OPERATIONS, AND TO SUPPLY
     LICENSOR WITH SPECIMENS OF ALL USES OF THE TRADEMARKS UPON LICENSOR'S
     REASONABLE REQUEST."

<Page>

6.   ADDITION OF EXHIBIT D TO LICENSE AGREEMENT. The License Agreement is hereby
amended by adding a new Exhibit D in the form attached hereto Appendix A.

7.   NO OTHER AMENDMENTS; EFFECTIVENESS. Except as set forth in this Amendment,
the License Agreement is ratified and confirmed in all respects. This Amendment
shall be effective as of the Effective Date. Each party has the right, power,
legal capacity and authority to enter into and perform its respective
obligations under this Amendment and the Agreement, and the execution, delivery
and performance of this Amendment and the Agreement intent has been duly and
validly approved and authorized by each party and no other approvals are
required therefore. The persons signing this Amendment on behalf of each Party
are authorized to do so.

8.   COUNTERPARTS. This Amendment may be executed in one or more counterparts
all of which when taken together will constitute a single agreement. All
signatures need not appear on any one counterpart. This Amendment may be signed
and sent by facsimile transfer which, when received, shall be deemed an original
signature

                        [SIGNATURE PAGE IS THE NEXT PAGE]

<Page>

     IN WITNESS WHEREOF, Licensee and Licensor have caused this Amendment to be
executed as of the Effective Date by their duly authorized representatives.

                                      LICENSOR:
                                      BIOCHEMICS, INC.

                                      By:
                                         ----------------------------
                                         Name:  John J. Masiz
                                         Title: President

                                      LICENSEE:

                                      VASO ACTIVE PHARMACEUTICALS, INC.

                                      By:
                                         ----------------------------
                                         Name: John J. Masiz
                                         Title: President

<Page>

                                    EXHIBIT D

                                   TRADEMARKS

Mark: OSTEON
Registration Number: 2,511,038
Registration Date: November 20, 2001

Mark: PENTOCORE
Registration Number: 1,920,668
Registration Date: September 19, 1995

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}]]