Document:

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                                                                   Exhibit 10.10

     Confidential Materials omitted and filed separately with the
    Securities and Exchange Commission. Asterisks denote omissions.

                    EXCLUSIVE LICENSE AND KNOW-HOW AGREEMENT
                                   NO. L99037

by and between the undersigned:

         LE CENTRE NATIONAL DE LA RECHERCHE SCIENTIFIQUE, national public
         scientific and technological institution, whose head office is at 3 Rue
         Michel Ange, 75794 PARIS Cedex 16, herein represented by its Executive
         Director, Catherine BRECHIGNAC (hereinafter called the "CNRS")

and

         L'UNIVERSITE LOUIS PASTEUR STRASBOURG 1, public scientific and
         professional institution, whose head office is at 4 Rue Blaise Pascal,
         67070 Strasbourg Cedex, herein represented by its president, Jean-Yves
         MERINDOL (hereinafter designated the "UNIVERSITY")

         CNRS and the UNIVERSITY being hereinafter designated together as the
         "INSTITUTIONS"

         the INSTITUTIONS herein acting in their own name and on behalf of the
         Laboratoire de Chimie Bioorganique, URA No. 1386 CNRS/UNIVERSITE LOUIS
         PASTEUR-STRASBOURG 1, and the Integrated and Cellular Neurophysiology
         Laboratory, URA No. 1446 CNRS/UNIVERSITE LOUIS PASTEUR-STRASBOURG 1
         (hereinafter designated the "LABORATORIES").

                                                         party of the first part

AND

         BIOSPHERE MEDICAL INC., corporation registered in the UNITED STATES in
         the State of Massachusetts, whose head office is at 111 Locke Drive,
         Marlborough, MA 01752, United States, herein represented by its
         President and Chief Executive Officer Jean-Marie VOGEL, (hereinafter
         designated "BIOSPHERE MEDICAL INC.").

                                                       party of the second part.

         The INSTITUTIONS and BIOSPHERE MEDICAL INC are hereinafter designated
         together as the "PARTIES".

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          Confidential Materials omitted and filed separately with the
         Securities and Exchange Commission. Asterisks denote omissions.

         WHEREAS:

         The INSTITUTIONS and I.B.F. BIOTECHNICS signed a license agreement No.
         L90128 on November 26, 1990 for the use of Patents and Know-how in
         order to manufacture and sell the Products in the Domain, as these
         terms are defined in License Agreement L90128.

         I.B.F. BIOTECHNICS has changed its corporate name and is now called
         BIOSEPRASA, business corporation with capital of FRF 21,300,000,
         registered in the Registry of Business Names and Corporations of
         Nanterre under No. B 331 502 641, whose intra-community VAT No. is FR
         12 331 502 641 and whose head office is at 35 Avenue Jean Jaures, 92390
         Villeneuve La Garenne. Until May 17, 1999, BIOSEPRA-SA was a subsidiary
         of BIOSPHERE MEDICAL INC. when it became a subsidiary of Life
         Technologies, a corporation registered in the USA.

         BIOSEPRA-SA, BIOSPHERE MEDICAL INC and the INSTITUTIONS have agreed to
         amend the terms of license L90128.

         BIOSEPRA-SA, BIOSPHERE MEDICAL INC and the INSTITUTIONS have agreed
         that license L90128 will be cancelled by mutual consent and replaced by
         two licenses:
         -    License No. L99036, granted to BIOSEPRA-SA, for the working of the
              PATENTS OF THE AGREEMENT and the KNOW-HOW OF THE AGREEMENT,
              limited solely to the use of TRANSFECTAM, in all domains excluding
              medical.
         -    License No. L99037, granted to BIOSPHERE MEDICAL INC for the
              working of the PATENTS OF THE AGREEMENT and the KNOW-HOW OF THE
              AGREEMENT only in the medical domain (excluding in particular the
              domain of research reagents).

         Finally, it was agreed that CNRS, starting with the coming into force
         of this agreement, would resume at its expense the management and
         industrial property fees relative to the PATENTS OF THE AGREEMENT.

         ACCORDINGLY, THE PARTIES HERETO HAVE AGREED TO THE FOLLOWING:

         Preliminary Clause - DEFINITIONS

              PATENTS OF THE AGREEMENT means:
              - the French patent application filed on [**] under no. [**],
                entitled "[**]" in the name of [**], citing as inventors[**] and
                [**],
              - the French patent application filed on [**] under no. [**],
                entitled "[**]" in the name of [**], citing as inventors [**]
                and [**],
              - and the extensions abroad of the French patent applications
                cited above, the French and foreign patents corresponding to
                these applications, and the later complementary certificates of
                protection.
              A list of the PATENTS OF THE AGREEMENT appears in Schedule 1 to
              this Agreement.

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              DATE OF COMING INTO FORCE means the last signature date of this
              Agreement.

              DATE OF FIRST MARKETING means the date on which a PRODUCT OF THE
              AGREEMENT is first marketed.

              DISTRIBUTORS means all corporations or legal entities acting on
              their own behalf and for their personal account as purchasers of
              PRODUCTS OF THE AGREEMENT packaged or not for their resale.

              DOMAIN OF THE CONTRACT means the applications of the PRODUCTS OF
              THE AGREEMENT only in the medical domain (specifically excluding
              the domain of research reagents).

              PARTIES means the INSTITUTIONS and BIOSPHERE MEDICAL INC.

              PRODUCTS OF THE AGREEMENT means all products implementing some or
              all of the PATENTS OF THE AGREEMENT and/or KNOW-HOW OF THE
              AGREEMENT or which could not be developed, used, fabricated or
              marketed without using some or all of the KNOW-HOW OF THE
              AGREEMENT and/or infringing some or all of the PATENTS OF THE
              AGREEMENT.

              KNOW-HOW OF THE AGREEMENT means a set of technical information,
              whether written, graphic or oral, whatever medium used, acquired
              by the LABORATORIES during their research until the DATE OF COMING
              INTO FORCE, and concerning the application of the invention that
              is the subject of the PATENTS OF THE CONTRACT.

              SUB-LICENSEE means any third party that has obtained from
              BIOSPHERE MEDICAL INC a license to develop, use, manufacture or
              market the PRODUCTS OF THE AGREEMENT in the DOMAIN OF THE
              AGREEMENT.

              TERRITORY OF THE AGREEMENT means the whole world.

              TRANSFECTAM means a lipopolyamine used as a transfection agent
              marketed by BIOSEPRA-SA under the registered trade name
              Transfectam.

              NET SALES means the gross amounts invoiced by BIOSPHERE MEDICAL
              INC to its customers, including the DISTRIBUTORS, for the sales of
              the PRODUCTS OF THE AGREEMENT, after deduction of the usual
              commercial discounts, balances resulting from returns of the
              PRODUCTS OF THE AGREEMENT, sales, purchase, import and value added
              taxes and transport costs.

              The plural may be understood to refer to the singular and
              vice-versa.

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         Section 1 - SUBJECT, NATURE AND SCOPE OF THE AGREEMENT

         1.1  By this agreement, the INSTITUTIONS grant BIOSPHERE MEDICAL INC,
              which accepts, an exclusive license for the PATENTS OF THE
              AGREEMENT and the KNOW-HOW OF THE AGREEMENT in the TERRITORY OF
              THE AGREEMENT for the development, use, manufacture and marketing
              of the PRODUCTS OF THE AGREEMENT within the DOMAIN OF THE
              AGREEMENT.

              BIOSPHERE MEDICAL INC agrees not to work the PATENTS OF THE
              AGREEMENT and the KNOW-HOW OF THE AGREEMENT outside the TERRITORY
              OF THE AGREEMENT or the DOMAIN OF THE AGREEMENT.

         1.2  The license granted under 1.1 of this agreement is accompanied by
              granting by the INSTITUTIONS to BIOSPHERE MEDICAL INC the right to
              sub-license the PATENTS OF THE AGREEMENT and the KNOW-HOW OF THE
              AGREEMENT to SUB-LICENSEES for the development, use, manufacture
              and marketing of the PRODUCTS OF THE AGREEMENT in the TERRITORY OF
              THE AGREEMENT and DOMAIN OF THE AGREEMENT.

         1.3  Exclusivity means that the INSTITUTIONS agree not to grant another
              license on the PATENTS OF THE AGREEMENT and the KNOW-HOW OF THE
              AGREEMENT for the working of the PRODUCTS OF THE AGREEMENT in the
              DOMAIN OF THE AGREEMENT and in the TERRITORY OF THE AGREEMENT. The
              INSTITUTIONS however retain the right to use the PATENTS OF THE
              AGREEMENT and the KNOW-HOW OF THE AGREEMENT for research purposes
              and to work them directly.

         Section 2 - TERM

         2.1  This Agreement will come into force on the DATE OF COMING INTO
              FORCE and remain in force except if cancelled early as provided in
              section 14 below:

              2.1.1   In any country where there is no or no longer a PATENT OF
                      THE AGREEMENT (applied for or issued) in force, for 10
                      years after the DATE OF FIRST MARKETING in this country
                      (or for the countries that are members of the European
                      Union, for 10 years after the DATE OF FIRST MARKETING in
                      one of the member countries of the European Union).

                      After the 10-year period, the license will be
                      non-exclusive and free in the countries where there is no
                      or is no longer a PATENT OF THE AGREEMENT in force.

              2.1.2   In countries where there is a PATENT OF THE AGREEMENT in
                      force, for the term of the validity of the said PATENT OF
                      THE AGREEMENT (possibly extended by a Complementary
                      Certificate of Protection or equivalent authorization),
                      when this term exceeds the period provided in 2.1.1.

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         2.2  License L90128 is cancelled by mutual consent starting on the date
              of coming into force of license No. L99036 granted to BIOSEPRA-SA.

         Section 3- SUB-LICENSE

         3.1  BIOSPHERE MEDICAL INC may, in application of the stipulations of
              section 1.2 above, grant sub-licenses to SUB-LICENSEES in the
              DOMAIN OF THE AGREEMENT and in the TERRITORY OF THE AGREEMENT on
              condition of having obtained prior written consent from the
              INSTITUTIONS as to the person of the SUB-LICENSEES and the terms
              of the sub-license agreement. Moreover, BIOSPHERE MEDICAL INC
              agrees to convey to the INSTITUTIONS a copy of these sub-license
              agreements within one (1) month of their signing.

         3.2  BIOSPHERE MEDICAL INC will remain responsible to the INSTITUTIONS
              for the execution by its SUB-LICENSEES of all obligations placed
              on BIOSPHERE MEDICAL INC in this agreement.

         Section 4 - TRANSFER OF THE LICENSE AGREEMENT

         4.1  This agreement is entered into INTUITU PERSONAE. Accordingly, it
              is personal, non-assignable and non-transferable subject to any
              sub-licenses granted by BIOSPHERE MEDICAL INC in compliance with
              the stipulations of 1.2 and 3 of this agreement and stipulations
              of 4.2 below.

         4.2  In the case of the take-over, merger, absorption, assignment or
              transfer of BIOSPHERE MEDICAL INC or of its activities to another
              legal entity or any other transformation of BIOSPHERE MEDICAL INC
              seeking to modify the INTUITU PERSONAE characteristics taken into
              account for this Agreement, this Agreement many not be transferred
              or assigned except with the consent of the INSTITUTIONS. This
              consent can only be refused if the INSTITUTIONS justify it in
              writing within thirty (30) days of notification by BIOSPHERE
              MEDICAL INC that the transfer of this agreement would place it in
              a conflict of interest. Without a duly explained refusal within
              thirty (30) days of receipt of notice from BIOSPHERE MEDICAL INC
              informing the INSTITUTIONS of a request to transfer, the consent
              will be deemed granted and the transfer may take place
              automatically.

              In the case of the consent by the INSTITUTIONS, it is now agreed
              that the said legal entity will be, in any event, subject to the
              same obligations as those placed on BIOSPHERE MEDICAL INC in this
              agreement, unless the new parties together agree otherwise.

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              A supplement to this agreement between the INSTITUTIONS and the
              said legal entity must be prepared simultaneous to the merger or
              transfer executed with BIOSPHERE MEDICAL INC in which the option
              chosen by the new parties, in compliance with the previous
              paragraph, is set out.

         Section 5 - DELIVERY OF KNOW-HOW

              BIOSPHERE MEDICAL INC acknowledges that it has received the
              KNOW-HOW OF THE AGREEMENT before the DATE OF COMING INTO FORCE.

         Section 6 - WORKING

         6.1  BIOSPHERE MEDICAL INC agrees to work this license and to apply
              diligence to develop, manufacture and sell the PRODUCTS OF THE
              AGREEMENT in the DOMAIN OF THE AGREEMENT and in the TERRITORY OF
              THE AGREEMENT and to find markets, especially by use of serious
              commercial marketing and reasonable advertising efforts.

              BIOSPHERE MEDICAL INC agrees to satisfy the orders it receives by
              delivering the PRODUCTS OF THE AGREEMENT within the shortest
              possible time and to ensure product support.

         6.2  BIOSPHERE MEDICAL INC, without prejudice to what is provided in
              the following paragraph, is prohibited from using for commercial
              promotion purposes the names "Centre National de la Recherche
              Scientifique" or "CNRS" or UNIVERSITE LOUIS PASTEUR - STRASBOURG
              1", any trademark or distinctive sign belonging to the
              INSTITUTIONS and any adaptation of them as well as the name of the
              inventors and of any agent of the INSTITUTIONS without having
              received in advance of any such use the written consent of the
              INSTITUTIONS and, where appropriate, of the individual person
              concerned.

              Only to provide information on the origin of the license, the
              words "CNRS-UNIVERSITY LOUIS PASTEUR-STRASBOURG 1 License" may
              appear on any advertising document, technical or explanatory
              materials related to the PRODUCTS OF THE AGREEMENT. It is the
              responsibility of BIOSPHERE MEDICAL INC to ensure that this
              notice, because of its form or the context in which it is placed,
              cannot be construed as a warranty offered by the INSTITUTIONS
              concerning the PRODUCTS OF THE AGREEMENT.

              BIOSPHERE MEDICAL INC must impose the same obligations on any
              SUB-LICENSEES and DISTRIBUTORS.

         6.3  BIOSPHERE MEDICAL INC hereby acknowledges that it has the
              competence required to use the KNOW-HOW OF THE AGREEMENT and the
              PATENTS OF THE AGREEMENT and to develop, use, manufacture or
              market the PRODUCTS OF THE AGREEMENT.

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          Confidential Materials omitted and filed separately with the
         Securities and Exchange Commission. Asterisks denote omissions.

         6.4  BIOSPHERE MEDICAL INC will market the PRODUCTS OF THE AGREEMENT
              under its own trade names or those for which it has regularly
              obtained a license. The INSTITUTIONS may not claim any right to
              these trade names or to the clientele of BIOSPHERE MEDICAL INC.
              Any administrative authorization obtained by BIOSPHERE MEDICAL INC
              for the manufacture and/or marketing of the PRODUCTS OF THE
              AGREEMENT will be done on behalf of BIOSPHERE MEDICAL INC or any
              person it designates; the INSTITUTIONS may not, subject to what is
              provided in 6.5 below, claim any right to any of them.

         6.5  Notwithstanding the stipulations of 6.4 above, BIOSPHERE MEDICAL
              INC agrees to convey to the INSTITUTIONS a copy of all
              administration authorizations (including Marketing Authorizations)
              it obtains in order to manufacture and/or market the PRODUCTS OF
              THE AGREEMENT.

         Section 7 - FINANCIAL TERMS AND CONDITIONS

         7.1  In consideration for this agreement, BIOSPHERE MEDICAL INC shall
              pay CNRS on behalf of the INSTITUTIONS the following amounts:

              7.1.1   Royalties

                      DIRECT WORKING

                      In case of direct working, BIOSPHERE MEDICAL INC shall pay
                      CNRS on behalf of the INSTITUTIONS an annual royalty equal
                      to [**] of NET SALES. This royalty is payable on all
                      PRODUCTS OF THE AGREEMENT sold, whatever the country of
                      the TERRITORY OF THE AGREEMENT where the PRODUCTS OF THE
                      AGREEMENT are sold.

                      INDIRECT WORKING

                      In case of indirect working, BIOSPHERE MEDICAL INC shall
                      pay CNRS on behalf of the INSTITUTIONS [**] of the sums of
                      all kinds (lump sums, royalties, guarantee minimums, etc.)
                      received by BIOSPHERE MEDICAL INC from its SUB-LICENSEES,
                      whether these payments are due upon the signing of the
                      sub-license agreements or at later stages of their
                      implementation. The above notwithstanding, the lump sums
                      paid to BIOSPHERE MEDICAL INC by SUB-LICENSEES as part of
                      research and development agreements containing sub-license
                      of PATENTS OF THE AGREEMENT will not be included in the
                      royalty base provided herein.

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          Confidential Materials omitted and filed separately with the
         Securities and Exchange Commission. Asterisks denote omissions.

                      In order to avoid any ambiguity, if BIOSPHERE MEDICAL INC
                      were to sell PRODUCTS OF THE AGREEMENT to a third party
                      (including a DISTRIBUTOR), who then resells them, only the
                      sale of BIOSPHERE MEDICAL INC results in the payment of
                      royalties to the INSTITUTIONS (at the rate of [**]), the
                      INSTITUTIONS not collecting any royalty on the resale of
                      the PRODUCTS OF THE AGREEMENT by this third party.

              7.1.2   Guarantee Minimum Annual Royalties

                      a)   Starting in 1999, BIOSPHERE MEDICAL INC guarantees
                           the INSTITUTIONS a minimum annual royalty of [**].

                      b)   BIOSPHERE MEDICAL INC may be released from these
                           guaranteed minimums on condition of its notifying
                           CNRS of its intention at least three months before
                           the planned date of the annual closing of the
                           accounts of BIOSPHERE MEDICAL INC (as provided in
                           Section 8) by registered letter with acknowledgement
                           of receipt. The INSTITUTIONS may then either convert
                           the exclusive license into a non-exclusive license or
                           cancel this agreement by applying the cancellation
                           clauses.

                           In case of conversion of the exclusive license into a
                           non-exclusive license, the guaranteed minimums will
                           not longer be due by BIOSPHERE MEDICAL INC starting
                           on January 1 of the fiscal year after the conversion
                           of the exclusive license into a non-exclusive
                           license.

         7.2  Either PARTY may ask for revision of the financial terms and
              conditions of the license if as a result of economic imbalances
              that it will be the responsibility of the said PARTY to
              demonstrate, the balance of contractual relations has been
              modified to the point of making it prejudicial to execute its
              obligations. As long as the PARTIES have not signed a
              supplementary agreement formalizing their agreement on the amount
              of these revised rates or on the definition of the royalty base,
              the rates and base provided herein remain payable.

         7.3  Any change to the financial conditions of this license must be the
              subject of a complementary agreement.
              Such revision may in no case be retroactive and will only take
              effect starting on January 1 of the year following the change.

         Section 8 - ACCOUNTING - MONITORING OF ROYALTIES

         8.1  BIOSPHERE MEDICAL INC will keep accounting records from which can
              be identified all elements necessary for the accurate evaluation
              of the commercial transactions related to this Agreement.

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              BIOSPHERE MEDICAL INC agrees to have this obligation to keep
              appropriate accounting records respected by its SUB-LICENSEES.

              The accounts will end each year on the date on which BIOSPHERE
              MEDICAL INC closes its books for the year, i.e. December 31.

         8.2  Any payment of royalties due under this Agreement will be preceded
              by the sending by BIOSPHERE MEDICAL INC to CNRS of a statement of
              commercial transactions related to this Agreement on which will
              appear:
              -   the number of this License Agreement,
              -   the NET SALES by country for each PRODUCTS OF THE AGREEMENT,
                  as well as the sums of any kinds received by BIOSPHERE MEDICAL
                  INC from its SUB-LICENSEES,
              -   the applicable rate,
              -   the calculation of the sums due to the INSTITUTIONS.

              Such statement of commercial transactions will be sent each year
              to the Service Financier, Delegation du Siege du CNRS, 3 rue
              Michel-Ange, 75794 PARIS Cedex 16 within 30 (thirty) days of the
              closing of the accounts of BIOSPHERE MEDICAL INC.

              The sums due from BIOSPHERE MEDICAL INC must be paid within 35
              (thirty-five) days of the date of the issuing of an invoice by
              CNRS, to the person and the bank address shown below.

              Payments will be made to CNRS by cheque payable to the Agent
              Comptable Principal du CNRS, Paierie Generale Paris - Bank code:
              30091 - Branch Code: 75200 - Account. No. 20003000336- Key 91.
              Cheques are sent to the attention of the Agent Comptable Principal
              du CNRS, 3 rue Michel-Ange - 75794 PARIS Cedex 16.

         8.3  The sums due to the INSTITUTIONS will be paid in French francs (or
              in euros when this currency replaces French francs).

              It should be remembered that the French franc (and other
              currencies of the European Monetary System) will be replaced by
              the euro, sole European currency, in application of the Treaty of
              the European Union.

              As provided by the general principles of currency law, references
              to francs (or other EMS currencies) will then be automatically
              considered references to the euro.

              This substitution will not in itself amend the terms of the
              agreement or waive its execution or give one PARTY the right
              unilaterally to amend or terminate it. It will occur on the date
              and in the conditions defined by community regulations.

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         8.4  Where no commercial transaction is performed, BIOSPHERE MEDICAL
              INC must nevertheless send CNRS within 30 (thirty) days of the
              date that BIOSPHERE MEDICAL INC closes its books each year
              indicated in 8.1 above, a statement attesting to the absence of
              any operation during that year and indicating the causes of the
              absence of sales.

         8.5  Any amount not paid by BIOSPHERE MEDICAL INC within the times
              given above will result in interest charged on sums overdue,
              calculated pro rated according to the rules applicable to French
              Public Institutions (which, at the DATE OF COMING INTO FORCE, was
              the current legal interest rate increased by 2 points) without
              prejudice to the right of the INSTITUTIONS to cancel this
              agreement in application of section 14, Cancellation.

         8.6  The sums due by BIOSPHERE MEDICAL INC to CNRS on behalf of the
              INSTITUTIONS will be increased by the legal taxes in force on the
              date they are due, in particular the V.A.T. if applicable.

         8.7  Any accounting will be deemed available to the INSTITUTIONS or a
              representative authorized by them until the date of expiration of
              this agreement extended by 1 (one) year. The INSTITUTIONS will
              have the right to check the accuracy of the royalty accounts of
              BIOSPHERE MEDICAL INC During such a check a public accountant will
              be designated by the INSTITUTIONS and his fees and expenses will
              be paid by the INSTITUTIONS except if there is an adjustment of
              more than 5% (five percent) of the amount of the sums actually
              paid by BIOSPHERE MEDICAL INC as the result of this check, in
              which case the expenses and fees of the public accountant will be
              paid by BIOSPHERE MEDICAL INC.

         8.8  The sums collected by CNRS on behalf of the INSTITUTIONS under
              this agreement in any case belong to it definitively and
              irremediably, and may in no case be restored to BIOSPHERE MEDICAL
              INC. Moreover, any sums remaining due by BIOSPHERE MEDICAL INC on
              the date of expiration or cancellation of this agreement may be
              paid to CNRS on behalf of the INSTITUTIONS.

         Section 9 - NON-DISCLOSURE

         9.1  Each PARTY agrees to keep confidential the scientific and
              technical information belonging to the other PARTY and any
              information of any kind relative to the other PARTY it may learn
              during the pre-contractual negotiations or on the occasion of the
              execution of this Agreement. Each PARTY will not publish or convey
              any or all of the confidential information to third parties except
              with the written consent of the other PARTY.

              BIOSPHERE MEDICAL INC agrees in particular to keep confidential
              and maintain confidential all the knowledge that is conveyed to it
              as part of the KNOW-HOW OF THE AGREEMENT.

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              The PARTIES agree to have the same undertaking made by their
              personnel and any person attached to their service in any
              capacity.

              The confidentiality agreements reciprocally binding on the PARTIES
              as provided herein do not apply to the information for which the
              PARTY that receives it can prove:

              a)  that it was disclosed them after obtaining prior written
                  authorization from the other PARTY or the disclosure was made
                  by the other PARTY;

              b)  that it was in the public domain at the time it was conveyed
                  by the other PARTY or that it fell into the public domain
                  after this release without its fault;

              c)  that it was received from a third party legitimately;

              d)  that at the date it was conveyed by the other PARTY, it was
                  already in its possession;

              e)  that its disclosure was imposed by the application of a legal
                  provision or required regulation or by the application of a
                  final court decision or an arbitration ruling.

              The exceptions listed above are not cumulative.

         9.2  Each PARTY agrees not to file an application for a patent or other
              industrial property title including the confidential information
              of the other PARTY without having obtained the other PARTY's prior
              written authorization to do so.

         9.3  This confidentiality requirement will remain in force throughout
              this Agreement and for 5 (five) years after its expiration or
              cancellation.

         9.4  The stipulations of this section may not obstruct:
              -   the obligation on researchers of each of the PARTIES to this
                  agreement to produce a progress report to the organization to
                  which they report, this report not being a disclosure in the
                  meaning of the Industrial Property laws,
              -   the defense of theses by researchers whose scientific activity
                  is related to the subject of this Agreement;
              -   the dissemination by BIOSPHERE MEDICAL INC of documents
                  seeking to promote the marketing of the PRODUCTS OF THE
                  AGREEMENT.

         Section 10 - MAINTAINING THE PATENTS OF THE AGREEMENT IN FORCE

         10.1   The fees for maintaining in force of the PATENTS OF THE
                AGREEMENT will be paid the responsibility of CNRS starting from
                the DATE OF COMING INTO FORCE.

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         10.2   If for any reason CNRS decides to abandon one of the PATENTS OF
                THE AGREEMENT, it must so inform BIOSPHERE MEDICAL INC, with
                reasonable advance notice. BIOSPHERE MEDICAL INC may then take
                over for CNRS in maintaining this PATENT OF THE AGREEMENT in
                force.

                If the PATENTS OF THE AGREEMENT are licensed to other licensees
                than BIOSPHERE MEDICAL INC and if CNRS decides to stop paying
                the Industrial Property expenses for some or all of the said
                patents, it is agreed that section 10.2 of this agreement must
                be adjusted through a supplementary agreement to allow a
                distribution among all licensees of the Industrial Property
                expenses not assumed by the INSTITUTIONS .

         10.3   It will be up to BIOSPHERE MEDICAL INC to ask CNRS by registered
                letter with acknowledgement of receipt to request a
                complementary protection certificate with PATENTS OF THE
                AGREEMENT OR ANY EQUIVALENT TITLE. BIOSPHERE MEDICAL INC will
                take care of undertaking this step sufficiently in advance to
                enable the delivery of the certificate or title. In any case,
                this procedure will be done at the risks and expense of
                BIOSPHERE MEDICAL INC. CNRS may not oppose this request except
                for reasonable and detailed reasons. In no case may CNRS be held
                responsible except for gross negligence on its part for the
                failure of this procedure.

         Section 13 - WARRANTIES

         11.1   This Agreement is made with no other warranty than that of the
                material existence of the PATENTS OF THE AGREEMENT and the
                KNOW-HOW OF THE AGREEMENT. In application of this Section, the
                INSTITUTIONS offer no warranty, explicit or implicit, concerning
                the PATENTS OF THE AGREEMENT and the KNOW-HOW OF THE AGREEMENT,
                in particular with respect to their usefulness or suitability
                for any function.

         11.2   Possible random events, risks and perils with respect to the
                execution of this Agreement and any legal defects contained in
                one or more of the PATENTS OF THE AGREEMENT are the
                responsibility of BIOSPHERE MEDICAL INC alone, which accepts
                them. Accordingly, in case of the rejection or cancellation of
                one or more of the PATENTS OF THE AGREEMENT, the dependence of
                the said patents on a prior dominating patent, in case where the
                PRODUCTS OF THE AGREEMENT because of the use of the PATENTS OF
                THE AGREEMENT or the KNOW-HOW OF THE AGREEMENT were declared
                infringed by a final court decision, the INSTITUTIONS will not
                be required either to return the sums already paid by BIOSPHERE
                MEDICAL INC nor reduce those due until the date of the final
                legal decision nor the payment of any damages to BIOSPHERE
                MEDICAL INC in compensation for the harm caused by such
                rejection, cancellation, dependence or infringement.

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         11.3   BIOSPHERE MEDICAL INC may not call the INSTITUTIONS in warranty
                in case of damage or prejudice of any kind caused by the
                PRODUCTS OF THE AGREEMENT, since BIOSPHERE MEDICAL INC is solely
                responsible to its customers and/or any third parties for the
                quality and performances of the PRODUCTS OF THE AGREEMENT.

         11.4   BIOSPHERE MEDICAL INC is solely responsible for ensuring that
                the PRODUCTS OF THE AGREEMENT are compliant with applicable laws
                and regulations.

         Section 12 - DISALLOWANCE - NULLITY

                If in the TERRITORY OF THE AGREEMENT, an administrative decision
                or a final court decision disallows wholly or in part and/or
                nullifies wholly or in part one or more of the PATENTS OF THE
                AGREEMENT and/or restricts the liberty of its working, BIOSPHERE
                MEDICAL INC may not claim from the INSTITUTIONS any
                compensation, reimbursement, reduction of sums due at the time
                of the issuing of the administrative or final court decision.

                Thereafter, BIOSPHERE MEDICAL INC:
                - must, as long as no appreciable competition arises in this
                  country, continue to pay the INSTITUTIONS for the country
                  considered, in consideration for the KNOW-HOW OF THE
                  AGREEMENT, the compensation provided in section 7 of this
                  Agreement.
                - may, starting from the time where appreciable competition
                  appears in this country, negotiate a new compensation due from
                  BIOSPHERE MEDICAL INC to the INSTITUTIONS, it being understood
                  that all other stipulations of this Agreement will continue in
                  any case to apply for the PATENTS OF THE AGREEMENT still in
                  force.

         Section 13 - INFRINGEMENTS

         13.1   The INSTITUTIONS and BIOSPHERE MEDICAL INC will inform each
                other as soon as possible of any case of infringement by a third
                party of which they learn and/or of any claim or action for
                infringement that targets them.

         13.2   a)If in the case of infringement of one or more of the
                  PATENTS OF THE AGREEMENT by a third party, the INSTITUTIONS
                  may take action at their expense against the infringing party,
                  it being understood that any compensation and damages awarded
                  by the court will completely and irrevocably belong to the
                  INSTITUTIONS.

                                       13
<PAGE>

                  This stipulation will not obstruct BIOSPHERE MEDICAL INC from
                  intervening in the case, at its expense, to obtain
                  compensation for its own injury. The compensation and damages
                  that may be awarded at the outcome of such a suit will then be
                  completely and irrevocably theirs.

                b)If the INSTITUTIONS take no action, BIOSPHERE MEDICAL INC
                  may, if it so desires, after formal notice of action addressed
                  to CNRS - by registered mail with acknowledgement of receipt
                  -- that has been more than one month without response, file
                  sue for infringement on its own initiative and on its own
                  behalf. In this case, the cost of the proceedings will be paid
                  solely by it, and any compensation and damages awarded by the
                  court will then be completely and irrevocably theirs.

                c)The stipulations of 13.2 b) above are applicable subject to
                  the compulsory legal provisions applicable in the country
                  where the infringement takes place.

                d)The stipulations of 13.2 do not apply to cases of
                  infringement of the PATENTS OF THE AGREEMENT outside the
                  DOMAIN OF THE AGREEMENT and the TERRITORY OF THE AGREEMENT and
                  the PRODUCTS OF THE AGREEMENT, which are under the
                  jurisdiction of the INSTITUTIONS alone or of any third party
                  they so designate.

         13.3   If suits for infringement are filed against BIOSPHERE MEDICAL
                INC or any of its SUB-LICENSEES or DISTRIBUTORS on the occasion
                of the working of the PRODUCTS OF THE AGREEMENT, because of the
                use of the PATENTS OF THE AGREEMENT and/or the KNOW-HOW OF THE
                AGREEMENT, the INSTITUTIONS will convey to BIOSPHERE MEDICAL INC
                the elements they have available for its defense or for the
                defense of its SUB-LICENSEES or DISTRIBUTORS. If at the outcome
                of such a suit for infringement, the said companies are found
                guilty, BIOSPHERE MEDICAL INC will hold the INSTITUTIONS safe;
                as provided in section 11, BIOSPHERE MEDICAL INC is not allowed
                to call them in guarantee or claim from the INSTITUTIONS any
                compensation, reimbursement of sums of any kind already paid to
                the INSTITUTIONS or any reduction of sums already due at the
                time of the final court decision. In case of the cancellation of
                one of the PATENTS OF THE AGREEMENT, the provisions of sections
                11 and 12 will be applied without being overridden.

         13.4   The PARTIES agree to provide each other with all documents and
                elements it may need on the occasion of such proceedings as
                described above.

                                       14
<PAGE>

         Section 14 - CANCELLATION - EXPIRATION

         14.1   This Agreement will be automatically cancelled in case of
                cessation of activity, dissolution or bankruptcy of BIOSPHERE
                MEDICAL INC.

                If BIOSPHERE MEDICAL INC becomes the object of bankruptcy
                proceedings and the INSTITUTIONS want to cancel this Agreement,
                the INSTITUTIONS will so inform BIOSPHERE MEDICAL INC by
                registered mail with acknowledgement of receipt. Subject to the
                compulsory legal provisions applicable in the case of class
                action proceedings in force in the United States in the State of
                Massachusetts, this Agreement will be cancelled automatically 3
                (three) months after the sending by CNRS of a registered letter
                with acknowledgement of receipt setting out the reasons for the
                cancellation.

         14.2   This Agreement may be cancelled by either of the PARTIES in case
                of failure of the other PARTY to execute one or more of the
                obligations contained in its various clauses, in particular
                Section 6 (Working) and Section 7 (Financial Terms and
                Conditions). This cancellation will take effect only 3 (three)
                months after the complaining PARTY has sent a registered letter
                with acknowledgement of receipt setting out the reasons for the
                complaint unless within that time, the defaulting PARTY has
                satisfied its obligations or provided proof of its being
                prevented from doing so as the result of a case of force
                majeure. The exercise of this cancellation option does not
                relieve the defaulting party from satisfying the obligations
                contracted until the date the cancellation takes effect, without
                prejudice to the payment of damages due by the defaulting PARTY
                in compensation for the prejudice experienced by the complaining
                PARTY from the early cancellation of this Agreement.

         14.3   In case of cancellation of this Agreement, the sub-licensing
                agreements entered into with the SUB-LICENSEES before the
                cancellation date of this Agreement may only remain in force
                subject to a written agreement, negotiated in good faith,
                between the INSTITUTIONS and the said SUB-LICENSEES.

         14.4   If this Agreement expires or is cancelled, BIOSPHERE MEDICAL INC
                agrees:
                - to no longer work and not to allow the direct or indirect
                  working of the PATENTS OF THE AGREEMENT until they expire;
                - not to disclose and not to work or let work directly or
                  indirectly the KNOW-HOW OF THE AGREEMENT as long as the
                  KNOW-HOW OF THE AGREEMENT has not become a matter of the
                  public record;
                - to restore to the INSTITUTIONS within the month following the
                  expiration or the cancellation of this Agreement, all
                  documents and materials that the INSTITUTIONS may have sent it
                  without being able to keep copies.

                                       15
<PAGE>

           Moreover, in case of early cancellation of this license, BIOSPHERE
           MEDICAL INC agrees to send to the INSTITUTIONS all the results
           obtained on the invention covered by the PATENTS OF THE AGREEMENT or
           by using the KNOW-HOW OF THE AGREEMENT and authorizes the
           INSTITUTIONS to communicate them to third parties subject to the
           signature by the said third parties of a non-disclosure agreement and
           to work, directly or indirectly, the said results.

         Section 15 - INVENTORIES

           If BIOSPHERE MEDICAL INC or its SUB-LICENSEES has PRODUCTS OF THE
           AGREEMENT in stock on the date of the expiration or cancellation of
           this Agreement, they will be authorized to sell these PRODUCTS OF THE
           AGREEMENT within 6 (six) months after the expiration or cancellation
           date of this Agreement, subject first to sending the INSTITUTIONS on
           the date of expiration or cancellation of this Agreement an inventory
           list and send to respecting the conditions of Section 7 herein with
           respect to the financial terms and conditions.

         Section 16 - TOTALITY AND LIMITS OF THE AGREEMENT

         16.1   This Agreement expresses all of the obligations of the PARTIES
                relative to its object. No general or specific conditions
                appearing in the documents sent or given to the PARTIES may be
                included in this Agreement.

         16.2   This Agreement may not be amended or renewed except by a
                Complementary Agreement signed by the duly authorized
                representatives of the PARTIES.

         16.3   It is stipulated that the relationships being established
                between the PARTIES under this Agreement confer no right other
                than those mentioned herein. It is understood that this
                Agreement does not contain, in particular, assignment for the
                benefit of BIOSPHERE MEDICAL INC of any right outside the DOMAIN
                OF THE AGREEMENT and the TERRITORY OF THE AGREEMENT and the
                PRODUCTS OF THE AGREEMENT nor any right on the patents other
                than the PATENTS OF THE AGREEMENT or any know-how other than the
                KNOW-HOW OF THE AGREEMENT.

         Section 17 - HEADINGS

           In case of problems in interpretation between any of the headings of
           the clauses and any of the clauses, the headings are declared
           non-existent.

                                       16
<PAGE>

         Section 18 - NULLITY OF ONE CLAUSE

           If one or more stipulations of this Agreement are considered invalid
           or declared so by application of a law, a regulation - and in
           particular the law of the European Union - or after a final decision
           of a competent jurisdiction, the other stipulations will retain all
           their force and scope, and the PARTIES will proceed without delay to
           make the necessary modifications while respecting, wherever possible,
           the meeting of the minds present at the time this Agreement is
           signed.

         Section 19 - WAIVER

           The fact that one of the PARTIES is unable to act on the failure by
           the other PARTY to satisfy one of the obligations contained herein
           may not be construed for the future as being a waiver of the
           obligation involved.

         Section 20 - DISPUTES - APPLICABLE LAW

         20.1   In case of a disagreement involving the validity, interpretation
                or execution of this Agreement, the PARTIES will attempt to
                resolve their differences out of court.

         20.2   In case of persistent disagreement, the dispute will be brought
                before the competent French jurisdictions and this Agreement
                will be subject to French laws and regulations.

         20.3   This Section will remain in force notwithstanding the expiration
                or cancellation of this Agreement.

         Section 21 - REGISTRATION IN THE NATIONAL REGISTER OF PATENTS

         21.1   This Agreement may be registered in the National Register of
                Patents, kept by the Institut National de la Propriete
                Industrielle (National Institute of Industrial Property) and the
                national registers of patents kept by the national offices of
                Industrial Property concerned by the PATENTS OF THE AGREEMENT at
                the case and expense of BIOSPHERE MEDICAL INC.

         21.2   Any tax registration required for this Agreement will be done by
                BIOSPHERE MEDICAL INC at its expense.

         Section 22 - LANGUAGES

           This Agreement has been established only in the French language.

                                       17
<PAGE>

         Section 23 - NOTICE

           Any notice required for this Agreement will be sent by registered
           mail with acknowledgment of receipt, to the PARTY concerned at the
           following address:

           For the INSTITUTIONS
           CNRS
           Delegation aux Entreprises
           3 rue Michel Ange
           75794 PARIS Cedex 16

           for BIOSPHERE MEDICAL INC
           BIOSPHERE MEDICAL INC
           Attention: Mr. Jean-Marie VOGEL
           111 Locke Driver
           Marlborough, MA
           01752 United States

         Done in three original copies, one for CNRS, one for UNIVERSITE and one
           for BIOSPHERE MEDICAL INC.

         Done in Paris JULY 15, 1999                     signed in MARLBOROUGH
                                                         JUNE 6, 1999

         For the Directeur General
         and per
         Assistant to the Delegue aux Entreprise
         Joseph BAIXERDAS
         [signature]                                     [signature]
         Catherine BRECHIGNAC                            Jean-Marie VOGEL
         Directeur General du CNRS                       President, CEO of
                                                         BIOSPHERE MEDICAL INC

         [signed]
         President of ULP
         J.Y. MERINDOL
         per                                JULY 2, 1999
         Vice President, Research and Doctoral Training
         B. EHRESMANN
         Jean-Yves MERINDOL
         President of the UNIVERSITE LOUIS PASTEUR STRASBOURG 1

                                       18
<PAGE>

                                   SCHEDULE 1

                        LIST OF PATENTS OF THE AGREEMENT

                                       19
<PAGE>

LIST OF LIPOPOLYAMINE PATENTS

<TABLE>
<CAPTION>

COUNTRY              TYPE       HOLDERS      FILED            PUBLICATION       AGREEMENT       EXPIRATION          PROCEDURE
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
<S>                  <C>        <C>          <C>              <C>               <C>             <C>                 <C>
GERMANY              EPO        CNRS         13 APR 1990      24 OCT 1990       04 JUN 1997     13 APR 2010         Agreement
                                                                                                                    04 JUN 1997
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
AUSTRIA              EPO        CNRS         13 APR 1990      24 OCT 1990       04 JUN 1997     13 APR 2010         Agreement
                                                                                                                    04 JUN 1997
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
BELGIUM              EPO        CNRS         13 APR 1990      24 OCT 1990       04 JUN 1997     13 APR 2010         Agreement
                                                                                                                    04 JUN 1997
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
CANADA               NP         CNRS         12 APR 1990                                        12 APR 2016         Examination
                                                                                                                    18 MAR 1997
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
DENMARK              EPO        CNRS         13 APR 1990      24 OCT 1990       04 JUN 1997     13 APR 2010         Agreement
                                                                                                                    04 JUN 1997
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
SPAIN                EPO        CNRS         13 APR 1990      24 OCT 1990       04 JUN 1997     13 APR 2010         Agreement
                                                                                                                    04 JUN 1997
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
UNITED STATES        NP         CNRS         17 APR 1990                        15 DEC 1992     17 APR 2010         Agreement
                                                                                                                    15 DEC 1992
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
UNITED STATES        CNT        CNRS         31 JUL 1992                                                            Abandoned
                                                                                                                    03 FEB 1994
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
UNITED STATES        CNTI       CNRS         03 FEB 1994                        19 DEC 1995     19 DEC 2012         Agreement
                                                                                                                    19 DEC 1995
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
UNITED STATES        DIV1       CNRS         07 JUN 1995                        01 APR 1997     01 APR 2014         Agreement
                                                                                                                    01 APR 1997
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
FRANCE                          CNRS         17 APR 1989      19 OCT 1990       15 JUL 1991     17 APR 2009         Agreement
                                                                                                                    05 JUL 1991
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
FRANCE               EPO        CNRS         13 APR 1990      24 OCT 1990       04 JUN 1997     13 APR 2010         Agreement
                                                                                                                    04 JUN 1997
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
GREECE               EPO        CNRS         13 APR 1990      24 OCT 1990       04 JUN 1997     13 APR 2010         Agreement
                                                                                                                    04 JUN 1997
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------

</TABLE>

                                       20
<PAGE>

<TABLE>
<CAPTION>

COUNTRY              TYPE       HOLDERS      FILED            PUBLICATION       AGREEMENT       EXPIRATION          PROCEDURE
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
<S>                  <C>        <C>          <C>              <C>               <C>             <C>                 <C>
ISRAEL                          CNRS         12 APR 1990                        30 MAR 1997     12 APR 2010         Agreement
                                                                                                                    30 mar 1993
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
ITALY                EPO        CNRS         13 APR 1990      24 OCT 1990       04 JUN 1997     13 APR 2010         Agreement
                                                                                                                    04 JUN 1997
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
JAPAN                           CNRS         17 APR 1990                        29 OCT 1997     17 APR 2016         Agreement
                                                                                                                    29 OCT 1997
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
LUXEMBOURG           EPO        CNRS         13 APR 1990      24 OCT 1990       04 JUN 1997     13 APR 2010         Agreement
                                                                                                                    04 JUN 1997
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
NETHERLANDS          EPO        CNRS         13 APR 1990      24 OCT 1990       04 JUN 1997     13 APR 2010
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
EUROPEAN PROC.       EPO        CNRS         13 APR 1990      24 OCT 1990       04 JUN 1997     13 APR 2010
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
UNITED KINGDOM       EPO        CNRS         13 APR 1990      24 OCT 1990       04 JUN 1997     13 APR 2010
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
SWEDEN               EPO        CNRS         13 APR 1990      24 OCT 1990       04 JUN 1997     13 APR 2010
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
SWITZERLAND          EPO        CNRS         13 APR 1990      24 OCT 1990       04 JUN 1997     13 APR 2010
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------

<CAPTION>

-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
COUNTRY              TYPE       HOLDERS      FILED            PUBLICATION       AGREEMENT       EXPIRATION          PROCEDURE
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------
<S>                  <C>        <C>          <C>              <C>               <C>             <C>                 <C>
FRANCE               DIVI       CNRS         24 JUL 1989      26 OCT 1990       05 JUL 1991     12 APR 2009         Agreement
                                                                                                                    05 JUL 1991
-------------------- ---------- ------------ ---------------- ----------------- --------------- ------------------- ----------------

</TABLE>

                                       21<PAGE>

                                                                   Exhibit 10.12

                         Stock and Warrant Purchase Agreement
                                dated February 4, 2000

     The following parties have entered into the Stock and Warrant Purchase
Agreement attached hereto to purchase shares of Common Stock and warrants to
purchase shares of Common Stock of BioSphere Medical, Inc.:

<TABLE>
<CAPTION>
Purchaser                         Shares Purchased             Shares Underlying Warrants
-----------------------------------------------------------------------------------------

<S>                                  <C>                               <C>
ABS Employees' Venture                27,777                            6,944
Fund Limited Partnership
-----------------------------------------------------------------------------------------
ACI Capital / BSMD, LLC               16,666                            4,166
-----------------------------------------------------------------------------------------
ACI Capital / BSMDI, LLC             177,777                           44,444
-----------------------------------------------------------------------------------------
Biopergs, LLC                         27,777                            6,944
-----------------------------------------------------------------------------------------
Cerberus Partners, L.P.               55,556                           13,889
-----------------------------------------------------------------------------------------
Cerberus International, LTD.         111,112                           27,778
-----------------------------------------------------------------------------------------
Pequod Investments, L.P.             100,000                           25,000
-----------------------------------------------------------------------------------------
Pequod International, LTD             66,668                           16,667
-----------------------------------------------------------------------------------------
Richard Gallen & Co. Pension          11,112                            2,778
Trust 002
-----------------------------------------------------------------------------------------
Ursus Capital, L.P.                   15,000                            3,750
-----------------------------------------------------------------------------------------
John M. Carnuccio                      5,555                            1,388
-----------------------------------------------------------------------------------------
Jean-Marie Vogel                       5,555                            1,388
-----------------------------------------------------------------------------------------
David P. Southwell                     5,555                            1,388
-----------------------------------------------------------------------------------------
Timothy J. Barberich                  27,777                            6,944
-----------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                      STOCK AND WARRANT PURCHASE AGREEMENT

         STOCK AND WARRANT PURCHASE AGREEMENT (this "Agreement"), dated February
__, 2000, by and between BioSphere Medical, Inc., a Delaware corporation (the
"Company"), and the investor named on the signature page hereof (the
"Investor").

                               W I T N E S S E T H

         WHEREAS, the Company is offering for sale up to 700,000 shares (the
"Shares") of its Common Stock (as defined below) and warrants (the "Warrants")
to purchase up to 175,000 shares of Common Stock, at the aggregate price of
$9.00 for one share of Common Stock and a Warrant to purchase one-fourth of one
share of Common Stock (the "Per Share Purchase Price"), pursuant to a Private
Placement Memorandum dated February 2, 2000 (the "Memorandum"), this transaction
generally being herein referred to as the "Private Placement"; and

         WHEREAS, the Investor desires to purchase from the Company shares of
Common Stock on the terms and conditions set forth herein.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth herein, and for good and valuable consideration the receipt of which
is hereby acknowledged, the parties agree as follows:

         1. DEFINITIONS. Unless specifically defined herein, capitalized terms
used herein have the meaning ascribed to such terms in the Memorandum except
that, unless the context requires otherwise, the following terms have the
meanings indicated:

         "Business Day" shall mean any day except Saturday, Sunday and any day
which shall be in Boston, Massachusetts a legal holiday or a day on which
banking institutions are authorized or required by law or other government
action to close.

         "Common Stock" shall mean the Common Stock, par value $0.01 per share,
of the Company.

         "Investor Shares" shall mean the shares of Common Stock subscribed for
hereunder by the Investor and the shares of Common Stock issuable upon exercise
of the warrants purchased hereunder by the Investor, together with any shares of
Common Stock issued in respect of such shares pursuant to a dividend or
distribution, stock split, recapitalization, or similar transaction.

         "Person" shall mean any individual, partnership, joint venture, firm,
corporation, association, trust or other enterprise or any government or
political subdivision or any agency, department or instrumentality thereof.

         "Warrant Certificate " shall mean the Warrant Certificate representing
a warrant to purchase shares of Common Stock issued pursuant to the Warrant
Agreement.

<PAGE>

         "Warrant Agreement" shall mean that certain Warrant Agreement, dated as
of February __, 2000, by and between the Company and the Investor.

         2.       PURCHASE OF COMMON STOCK AND WARRANTS; SUBSEQUENT SALE.

                  (a) PURCHASE. Subject and pursuant to the terms and conditions
set forth in this Agreement, the Company agrees that it will issue and sell to
the Investor and the Investor agrees that it will purchase from the Company, at
the Per Share Purchase Price, (i) __________ shares of Common Stock and (ii) a
Warrant to purchase up to _______ shares of Common Stock on the terms and
conditions set forth in the Warrant Agreement. The aggregate purchase price for
the shares of Common Stock and the Warrant shall be $_______ (the "Aggregate
Purchase Price"). The shares of Common Stock and the Warrant are being offered
pursuant to the Memorandum.

                  (b) OTHER INVESTORS. The Company proposes to enter into a form
of Stock and Warrant Purchase Agreement with other investors (the "Other
Investors") on terms no more favorable to such other Investors than the terms
set forth herein. The Investor and the Other Investors are hereinafter referred
to collectively as the "Investors."

         3.       DELIVERIES AT CLOSING.

                  (a) DELIVERIES BY THE INVESTOR. At the Closing of the
transactions contemplated hereby, the Investor shall deliver to the Company the
following:

                           (1) the Aggregate Purchase Price by wire transfer of
immediately available funds to an account designated by the Company as set forth
on Annex VI hereto;

                           (2) an executed Investor Questionnaire in the form
attached as Annex I;

                           (3) a executed Managed Account Representation Letter,
if applicable, in the form attached as Annex II;

                           (4) a completed copy of Annex III representing and
warranting as to shares beneficially owned prior to the consummation of the
transactions contemplated hereby; and

                           (5) a completed Registration Statement Questionnaire
in the form attached as Annex IV.

                  (b) DELIVERIES BY THE COMPANY.

                           (1) On or more certificates representing the Investor
shares registered in the name of the Investor or its nominee(s), as the Investor
has specified in writing to the Company;

                           (2) an executed Warrant Agreement; and

                                       2
<PAGE>

                           (3) One or more Warrant Certificate representing the
Warrant registered in the name of the Investor or its nominee(s), as the
Investor has specified in writing to the Company.

         4.       REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS.

                  (a) INVESTOR REPRESENTATIONS, WARRANTIES AND COVENANTS. The
Investor represents, warrants and agrees as follows:

                           (1) The Investor has received and reviewed a copy of
the Memorandum, and all appendices and supplements (if any) thereto, relating to
the Shares and understands that no Person has been authorized to give any
information or to make any representations that were not contained in the
Memorandum, and the Investor has not relied on any such other information or
representations in making a decision to purchase the Investor Shares. The
Investor has had access to such financial and other information and has had the
opportunity to ask questions and receive answers as deemed necessary in respect
of the decision to purchase the Shares, and has consulted with advisors
concerning the proposed investment in the Company. The Investor understands that
an investment in the Company involves a high degree of risk for the reasons,
among others, set forth under the caption "RISK FACTORS" in the Memorandum.

                           (2) The Investor has decided to invest in the Shares
and, in making the decision to so invest, is not in any way relying on the fact
that any other Person has decided to invest in the Shares.

                           (3) The Investor represents that the Investor (or, if
applicable, each managed account on whose behalf the Investor Shares are being
purchased by such Investor) is a sophisticated investor or is an "accredited
investor" as defined in Rule 501 under the Securities Act of 1933, as amended
(the "Securities Act"), as certified by the Investor pursuant to the Investor
Questionnaire attached hereto as ANNEX I. The Investor further represents that
the Investor (or, if applicable, each managed account on whose behalf the
Investor Shares are being purchased) has such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risk of an investment in the Shares and can bear the economic risk of loss of
the entire investment in the Shares being purchased.

                           (4) The Investor understands and expressly
acknowledges and agrees that none of the Shares has been, or will be, registered
or qualified under the Securities Act, or under any applicable securities laws
of any State of the United States ("Applicable State Law") and therefore may not
be offered, sold, transferred, assigned, pledged, hypothecated or otherwise
disposed of, directly or indirectly, unless subsequently registered or qualified
under the Securities Act and under Applicable State Law or unless any exemptions
from the registration requirements of the Securities Act and Applicable State
Law are available, in each case to the extent permitted by the terms of this
Agreement.

                                       3
<PAGE>

                           (5) The Investor understands and agrees that all
certificates representing the Investor Shares shall bear a legend which will be
substantially in the form of the following:

                  "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
                  "ACT") AND SUCH SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED,
                  TRANSFERRED OR HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT
                  PURSUANT TO (1) A REGISTRATION STATEMENT WITH RESPECT TO SUCH
                  SECURITIES WHICH IS EFFECTIVE UNDER SUCH ACT OR (2) RULE 144
                  OR 144A UNDER SUCH ACT OR ANY OTHER AVAILABLE EXEMPTION FROM
                  REGISTRATION UNDER SUCH ACT RELATING TO DISPOSITION OF
                  SECURITIES."

                           (6) The Investor (or, if applicable, each managed
account on whose behalf the Investor Shares are being purchased by the Investor)
will acquire the Investor Shares pursuant to this Agreement for its own account
for investment and not with a view to, or in connection with, the resale or
distribution thereof or in any arrangement or understanding with any other
persons regarding the distribution of such Shares in violation of the Securities
Act. The Investor hereby covenants and agrees to execute a lockup agreement,
containing a ninety (90) day restriction on the sale of Investor Shares, and
other standard terms and conditions, with any requesting underwriter
participating in a primary offering (as defined in Section 5.1(a)(1) below).

                           (7) The Investor hereby covenants and agrees with the
Company not to make any sale of the Investor Shares without causing the
prospectus delivery requirement under the Securities Act to be satisfied or
otherwise complying with the Securities Act, and the Investor acknowledges and
agrees that the Shares are not transferable on the books of the Company unless
the certificate submitted to the transfer agent evidencing the Investor Shares
is accompanied by (1) a separate certificate (i) in the form of ANNEX V hereto,
(ii) executed by an officer of, or other authorized person designated by, the
Investor, and (iii) to the effect that (A) the Investor Shares have been sold in
accordance with a registration statement pursuant to Section 5 and (B) the
requirement of delivering a current prospectus has been satisfied; or (2) an
opinion of counsel reasonably satisfactory to the Company stating that
registration is not required under the Securities Act. The Investor acknowledges
that there may be times when the Company may suspend the use of the prospectus
forming a part of a registration statement in the event and during such period
pending negotiations relating to, or consummation of, a transaction or the
occurrence of any other event that would require additional disclosure of
material information by the Company in the registration statement and disclosing
such information would adversely affect the Company (as to which the Company
has a BONA FIDE business purpose for preserving confidentiality) that would
make it impractical or inadvisable to cause the registration statement to be
filed or to become effective or to amend or supplement the registration
statement or which otherwise renders the Company unable to comply with the
Securities and Exchange Commission (the "Commission") requirements. In such
event, the Company may suspend the use of such prospectus until such time as
an amendment to such registration statement has been filed by the

                                       4
<PAGE>

Company and declared effective by the Commission, or until such time as the
Company has filed an appropriate report with the Commission pursuant to the
Securities Exchange Act of 1934, as amended (the "Exchange Act"); PROVIDED,
HOWEVER, that such suspension shall not be for a period of more than 30
consecutive trading days during any one (1) suspension period or more than 60
trading days in any one (1) year period. The Investor hereby covenants and
agrees that it will not sell any Investor Shares pursuant to said prospectus
during the period commencing at the time at which the Company gives the Investor
written notice of the suspension of the use of said prospectus and ending the
earlier of 30 consecutive trading days after such notice or the date on which
the Company gives the Investor written notice that the Investor may thereafter
effect sales pursuant to said prospectus.

                           (8) The execution and delivery of this Agreement by
the Investor and the performance of this Agreement and the consummation by the
Investor or the Investor's advisory clients, as the case may be, of the
transactions contemplated hereby have been duly authorized by all necessary
(corporate, in the case of a corporation) action of the Investor and, if
applicable, the Investor's advisory clients; and this Agreement, when duly
executed and delivered by the Investor, will constitute a valid and legally
binding instrument, enforceable in accordance with its terms against the
Investor or any of the Investor's advisory clients, as the case may be, except
as such enforceability may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting the enforcement of creditors' rights generally and by
general equitable principles (regardless of whether the issue of enforceability
is considered in a proceeding in equity or at law) and except as the
indemnification and contribution agreements of the Investor in Section 5(d)
hereof may be legally unenforceable.

                           (9) The Investor represents that:

                                    (A)     If the Investor is a corporation, it
is a corporation duly incorporated, validly existing and in good standing under
the laws of the jurisdiction of its incorporation, with full power and authority
(corporate and other) to perform its obligations under this Agreement. If the
Investor is a limited liability company, it is a limited liability company duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation, with full power and authority (limited
liability company and other) to perform its obligations under this Agreement.
The person executing this Agreement on behalf of the Investor is authorized to
act for the Investor in purchasing the Shares.

                                    (B)     If the Investor is a corporation
acting in an advisory capacity, it is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
incorporation, with full power and authority (corporate and other) to act on
behalf of its advisory clients under this Agreement. If the Investor is a
limited liability company acting in an advisory capacity, it is a limited
liability company duly organized, validly existing and in good standing under
the laws of the jurisdiction of its incorporation, with full power and authority
(corporate and other) to act on behalf of its advisory clients under this
Agreement

                                    (C) If the Investor is a trust, the trustee
thereunder has been duly appointed as trustee of such Investor with full power
and authority to act on behalf of such Investor and to perform the obligations
of such Investor under this Agreement. Furthermore, the trustee under such

                                       5
<PAGE>

trust has independently determined that the purchase of the Investor Shares is a
suitable investment for such trust as authorized by the terms thereof and
applicable laws and regulations.

                                    (D)      If the Investor is a limited
partnership, it is a limited partnership duly organized, validly existing and in
good standing under the laws of the jurisdiction of its organization, with full
power and authority to perform its obligations under this Agreement.

                                    (E)     If the Investor is a limited
partnership acting in an advisory capacity, it is a limited partnership duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, with full power and authority to act on behalf
of its advisory clients under this Agreement.

                                    (F) If the Investor is a corporation,
limited liability company, partnership, trust or other form of business entity,
the execution and delivery of this Agreement will not contravene or result in a
default under any provision of existing law or regulations to which the Investor
is subject, the provisions of its trust instrument, charter, by-laws or other
governing documents or any indenture, mortgage or other agreement or instrument
to which it is a party or by which it is bound and does not require on its part
any approval, authorization, license or filing from or with any foreign,
federal, state or municipal board or agency which has not been obtained or duly
made.

                                    (G)      If the Investor is an individual,
the Investor has full power and authority to perform its obligations under this
Agreement.

                           (10) The Investor agrees to complete and execute and
return to the Company (a) the Investor Questionnaire attached as ANNEX I to this
Agreement representing that the Investor is investing in Shares as an
"accredited investor;" (b) if the Investor is acting on behalf of a managed
account in the purchase of any Investor Shares, the Managed Accounts
Representation Letter attached as ANNEX II to this Agreement; and (c) the
Registration Statement Questionnaire attached as ANNEX IV, in each case together
with an executed signature page to this Agreement. The Investor represents and
warrants that the answers thereto are true and correct as of the date hereof and
will be true and correct as of the effective date of the Registration Statement
(as defined in Section 5). The Investor further represents and warrants that it
is not purchasing the Investor Shares on behalf of any managed account other
than as listed in the Managed Account Representation Letter.

                           (11) The Investor has not entered into any contracts,
arrangements, understandings or relationships (written or otherwise) with any
other Person or Persons (other than the Company or a limited partner/member or
affiliate of Investor, which in any case shall not violate any securities laws)
with respect to any securities of the Company (including but not limited to
transfer or voting of any of the securities, finder's fees, joint ventures, loan
or option arrangements, puts or calls, guarantees of profits, division of
profits or loss, or the giving or withholding of proxies) or the operations,
management or control of the Company; the Investor is not bound together, under
common control with, in a common enterprise with, or otherwise acting in concert
with, any other Person or Persons (other than a limited partner/member or
affiliate of Investor, which in any case shall not violate any securities laws)
in connection with the transactions contemplated by this Agreement; and the

                                       6
<PAGE>

Investor does not own any securities of the Company which are pledged or
otherwise subject to a contingency the occurrence of which would give another
Person voting power or investment power over such securities.

                           (12) Except as otherwise set forth in ANNEX III: (i)
as of the date hereof, the Investor did not beneficially own any shares of
Common Stock; and (ii) as of the date of this Agreement, the Investor does not
beneficially own any shares of Common Stock. The Company acknowledges that
certain of the members/limited partners of Investor may own shares of Common
Stock; PROVIDED that such member/limited partner is an "accredited investor" as
defined in Rule 501 of the Securities Act.

                           (13) No state, federal or foreign regulatory
approvals, permits, licenses or consents or other contractual or legal
obligations are required for the Investor to enter into this Agreement or
otherwise purchase the Investor Shares.

                  (b) COMPANY REPRESENTATIONS, WARRANTIES AND COVENANTS. The
Company hereby represents, warrants and agrees as follows:

                           (1) The Company and each of its subsidiaries has been
duly organized and is validly existing in good standing under the laws of the
jurisdiction of its organization, with full power and authority (corporate and
other) to perform its obligations under this Agreement and the Warrant Agreement
and to consummate the transactions contemplated hereby and thereby.

                           (2) The execution, delivery and performance of this
Agreement and the Warrant Agreement by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby have been duly
authorized by all necessary action of the Company and each of the Agreement and
the Warrant Agreemet has been duly executed and delivered by the Company; and
this Agreement and the Warrant Agreement, when duly executed and delivered by
the Investor, will constitute a valid and legally binding instrument of the
Company enforceable in accordance with their terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization or
similar laws affecting the enforcement of creditors' rights generally and by
general equitable principles (regardless of whether the issue of enforceability
is considered in a proceeding in equity or at law) and except as the
indemnification and contribution agreements of the Company in Section 5(d)
hereof may be legally unenforceable.

                           (3) The Investor Shares have been duly authorized by
the Company, and when issued and delivered by the Company against payment
therefor as contemplated hereby and in accordance with the terms of the
Memorandum, the Investor Shares will be validly issued, fully paid and
nonassessable, free of preemptive rights and free from all taxes, liens, charges
and security interests in respect of the issuance thereof.

                           (4) The execution and delivery of this Agreement and
the Warrant Agreement, the consummation by the Company of the transactions
herein and therein contemplated and the compliance by the Company with the terms
hereof and thereof do not and will not violate the

                                       7
<PAGE>

Certificate of Incorporation of the Company, or the By-Laws of the Company, or
result in a breach or violation of any of the terms or provisions of, or
constitute a default under, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Company or any of its
subsidiaries is a party or by which the Company or any of its subsidiaries is
bound or to which any of their properties or assets are subject, or any
applicable statute or any order, judgment, decree, rule or regulation of any
court or governmental agency or body having jurisdiction over the Company or any
of its subsidiaries or any of their properties or assets; and no consent,
approval, authorization, order, registration or qualification of or with any
such court or governmental agency or body is required for the valid
authorization, execution, delivery and performance by the Company of this
Agreement, the issue of the Investor Shares or the consummation by the Company
of the other transactions contemplated by this Agreement, except for such
consents, approvals, authorizations, registrations or qualifications as may be
required under Federal or state securities or "blue sky" laws or, with respect
to requirements applicable to the Investor.

                           (5) The information contained in the following
documents, which the Company has furnished to the Investor does not contain any
untrue statement of material fact or omit to state any material fact necessary
in order to make the statements therein in light of the circumstances in which
they were made not misleading as of the respective final dates of the documents.
Each of the documents listed in (A) through (F) below complied as to form in all
material respects with the applicable requirements of the Securities Act or
Exchange Act.

                           (A)      the Company's Annual Report to Stockholders
                                    on Form 10-K for the fiscal year ended
                                    December 31, 1998 (without exhibits);

                           (B)      Amendment No. 1 to the Company's Annual
                                    Report for the fiscal year ended December
                                    31, 1998 on Form 10-K/A;

                           (C)      Notice to Shareholders and Proxy Statement
                                    for its Annual Meeting of Shareholders held
                                    June 16, 1999;

                           (D)      the Company's Quarterly Report on Form 10-Q
                                    for the quarterly period ended September 30,
                                    1999;

                           (E)      the Company's Current Report on Form 8-K,
                                    filed with the SEC as of June 2, 1999;

                           (F)      Amendment No. 1 to Current Report on Form
                                    8-K/A, filed with the SEC on August 2, 1999;

                           (G)      the Company's January 31, 2000 Press Release
                                    regarding Fourth Quarter and Year End
                                    Financial Results; and

                           (H)      the Memorandum.

                                       8
<PAGE>

                     (6) The balance sheets attached to the Company's January
31, 2000 Press Release regarding Fourth Quarter and Year End Financial Results
have been prepared in conformity with generally accepted accounting principles
applied on a consistent basis, are consistent in all material respects with the
books and records of the Company and accurately present in all material respects
the financial position of the Company and its subsidiaries as of December 31,
1999. There has been no material adverse change in the financial condition or
business or results of operations of the Company or its subsidiaries since
September 30, 1999.

                     (7) Except as disclosed in the documents referred to in
paragraph (5) above, there is no action, suit, proceeding, inquiry or
investigation before or by any court, public board or body pending or, to the
knowledge of the Company or any of its subsidiaries, threatened against or
affecting the Company or any of its subsidiaries, wherein an unfavorable
decision, ruling or finding would have a material adverse effect on the
properties, business, condition (financial or other), or results of operations
of the Company and its subsidiaries taken as a whole or the transactions
contemplated by this Stock and Warrant Purchase Agreement or any of the
documents contemplated hereby or which would adversely affect the validity or
enforceability of, or the authority or ability of the Company to perform its
obligations under this Stock and Warrant Purchase Agreement or any of such other
documents.

         (c) SURVIVAL OF REPRESENTATIONS, WARRANTIES AND AGREEMENTS.
Notwithstanding any investigation made by any party to this Agreement, all
covenants, agreements, representations and warranties made by the Company and
the Investor herein and in the certificates for the Investor Shares delivered
pursuant hereto shall survive the execution of this Agreement, the delivery to
the Investor of the Investor Shares being purchased and the payment therefor.

         5. REGISTRATION OF THE SHARES; COMPLIANCE WITH THE SECURITIES ACT.

            (a)      REGISTRATION RIGHTS; REGISTRATION PROCEDURES AND EXPENSES.

                     (1) If at any time or times after the date hereof, the
Company shall determine or be required to register any shares of its Common
Stock or other equity securities for sale under the Securities Act (whether in
connection with a public offering of securities by the Company (a "primary
offering"), a public offering of securities by stockholders of the Company (a
"secondary offering") or both), but not in connection with a registration
effected solely to implement an employee benefit plan or a transaction to which
Rule 145 or any other similar rule of the Commission under the Securities Act is
applicable, the Company shall:

                         (i) Promptly give written notice thereof to each of the
Investors.

                         (ii) Use reasonable best efforts to effect the
registration under the Securities Act of all Investor Shares (but not any other
shares) which such Investors request to be registered in a writing delivered to
the Company within 20 days after such Investors' receipt of the notice referred
to above, subject to subparagraph (iii) below.

                                       9
<PAGE>

                         (iii) In the case of the registration of shares of
Common Stock by the Company in connection with an underwritten public offering,
(i) the Company shall not be required to include any Investor Shares in such
underwriting unless the Investors thereof accept the terms of the underwriting
as agreed upon between the Company and the underwriter or underwriters selected
by it, and (ii) if the underwriter(s) determines that marketing factors require
a limitation on the number of Investor Shares to be offered, the Company shall
not be required to register Investor Shares of the Investors in excess of the
amount, if any, of shares of the capital stock which the principal underwriter
of such underwritten offering shall reasonably and in good faith agree to
include in such offering in excess of any amount to be registered for the
Company, and in the event of any such limitation the number of Investor Shares
of any Investor requesting inclusion in such registration shall be based upon
the relative holdings of Common Stock of all Investors requesting such
registration (and if any Investor would thus be entitled to include more
Investor Shares than such Investor requested to be registered, the excess shall
be allocated among other requesting Investors PRO RATA based upon their relative
holdings of Common Stock). All expenses relating to the registration and
offering of Investor Shares pursuant to this Section 5(a)(1) and pursuant to
Section 5(a)(2) below shall be borne by the Company, except that the Investors
shall bear underwriting and selling commissions attributable to their Investor
Shares being registered and any transfer taxes on shares being sold by such
Investors.

                    (2)  The Company shall:

                         (a) Subject to the provisions of Section 5(c) below,
prepare and file with the Commission within 120 days of the Closing a
registration statement (the "Registration Statement") to enable the public
offering and sale of the Investor Shares by the Investor from time to time
through the over-the-counter market or in privately-negotiated transactions or
otherwise.

                         (b) Use reasonable best efforts, subject to receipt of
necessary information from the Investor, to cause the Registration Statement to
become effective as promptly as practicable after filing thereof and in any
event not more than 75 days after such filing.

                         (c) Promptly prepare and file with the Commission such
amendments and supplements to the Registration Statement and the prospectus used
in connection therewith as may be necessary to keep the Registration Statement
effective for a period not exceeding the second anniversary of the Closing, or
such shorter period which will terminate on the earlier of the date when (i) the
Shares held by the Investor may be sold without registration under the
Securities Act or (ii) all of the Shares covered by such Registration Statement
have been sold pursuant to such Registration Statement or otherwise.

                         (d) Promptly furnish to the Investor with respect to
the Investor Shares registered under the Registration Statement (and to each
underwriter, if any, of such Investor Shares) such number of copies of the
Registration Statement and any amendment or supplement thereto and of
prospectuses and preliminary prospectuses in conformity with the requirements of
the Securities Act and such other documents as the Investor may reasonably
request, in order to keep the Investor

                                       10
<PAGE>

apprised of the progress of the registration process and to facilitate the
public sale or other disposition of all or any of the Investor Shares by the
Investor.

                         (e) Promptly file documents required of the Company for
customary "blue sky" clearance in states specified in writing by the Investor
and reasonably required by the Investor in order to resell its Investor Shares;
PROVIDED, HOWEVER, that the Company shall not be required to qualify to do
business or consent to service of process in any jurisdiction in which it is not
now so qualified or has not so consented.

                         (f) Promptly inform the Investor when any stop order by
the Commission has been issued with respect to the Investor Shares and use its
best efforts to promptly cause such stop order to be withdrawn.

                         (g) Take such other actions as may reasonably be
necessary to effect the registration of the resale of the Investor Shares in
accordance with the terms of this Agreement and to allow such Investor Shares to
trade in the same market system or exchange where the Company's Common Stock
then trades.

                         (h) File the reports required to be filed by it under
the Securities Act and the Exchange Act (or, if the Company is not required to
file such reports, it will, upon the request of any holder of Investor Shares,
make publicly available other information so long as necessary to permit sales
under Rule 144 under the 1933 Act), all to the extent required from time to time
to enable the Investor to sell Investor Shares without registration under the
Securities Act within the limitations provided by (i) Rule 144 under the
Securities Act, as such Rule may be amended from time to time, or (b) any
similar rule or regulation hereafter adopted by the Commission; PROVIDED,
HOWEVER, that nothing in this Agreement shall require the Company to file
reports under the Securities Act or the Exchange Act, to register any of its
securities under the Exchange Act, or to make publicly available any information
concerning the Company at any time when it is not required by law or by any
agreement by which it is bound to do any of the foregoing.

A questionnaire related to the Registration Statement to be completed by the
Investor is attached hereto as ANNEX IV.

                  (b) TRANSFER OF SHARES. The Investor agrees not to effect any
disposition of the Shares or the right to purchase the Shares that would
constitute a sale within the meaning of the Securities Act except as
contemplated in Sections 5(a)(1) and (2) or pursuant to an exemption from
registration under the Securities Act. The Investor agrees to promptly notify
the Company of any changes in the information set forth in any registration
statement regarding the Investor Shares or the Investor.

                  (c) The Investor hereby acknowledges and agrees that in the
event that the Company makes any filing with the SEC in connection with a
primary underwritten offering within 120 days following the Closing Date, the
time period for preparing and filing a Registration Statement as

                                       11
<PAGE>

contemplated by Section 5(a)(2) above shall be extended until September 30, 2000
and the Company shall use its reasonable best efforts, subject to the receipt of
necessary information from the Investor, to cause the Registration Statement to
become effective as promptly thereafter as practicable and in any event not more
than 75 days after such filing.

                  (d) INDEMNIFICATION AND CONTRIBUTION. For the purpose of this
Section 5(d):

                     (1) The term "Selling Shareholder" shall include the
Investor, officers, directors, trustees, or any affiliate of such Investor and
each person, if any, who controls the Selling Shareholder within the meaning of
the Securities Act;

                     (2) The term "Registration Statement" shall include (i) the
Registration Statement and any final prospectus, exhibit, supplement or
amendment included in or relating to the Registration Statement and (ii) any
registration statement filed in connection with Section 5(a)(1) and any final
prospectus, exhibit, supplement or amendment included in or relating to such
registration statement; and

                     (3) The term "untrue statement" shall include any untrue
statement or alleged untrue statement, or any omission or alleged omission to
state in the Registration Statement a material fact required to be stated
therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

         The Company agrees to indemnify and hold harmless each Selling
Shareholder from and against any losses, claims, damages or liabilities to which
such Selling Shareholder may become subject (under the Securities Act or
otherwise) insofar as such losses, claims, damages or liabilities (or actions or
proceedings in respect thereof) arise out of, or are based upon any untrue
statement or alleged untrue statement of a material fact contained in the
Registration Statement or the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading or arise out of any failure by the Company to fulfill any
undertaking included in the Registration Statement and the Company will
reimburse such Selling Shareholder for any reasonable legal or other expenses
reasonably incurred in investigating, defending or preparing to defend any such
action, proceeding or claim, PROVIDED, HOWEVER, that the Company shall not be
liable in any such case to the extent that such loss, claim, damage or liability
arises out of, or is based upon, any such untrue statement or omission made in
such Registration Statement in reliance upon and in conformity with written
information furnished to the Company by or on behalf of such Selling Shareholder
specifically for use in preparation of the Registration Statement, or the
failure of such Selling Shareholder to comply with the covenants and agreements
contained in Sections 3(a) and 5(c) hereof respecting sale of the Shares or any
statement or omission in any prospectus that is corrected or made not misleading
in any subsequent prospectus that was delivered to the Investor prior to the
pertinent sale or sales by the Investor. The Company will reimburse such Selling
Shareholder, as the case may be, for any legal or other expenses reasonably
incurred in investigating, defending or preparing to defend any such action,
proceeding or claim.

                                       12
<PAGE>

         The Investor agrees to indemnify and hold harmless the Company (and
each person, if any, who controls the Company within the meaning of Section 15
of the Securities Act, each officer of the Company who signs the Registration
Statement and each director of the Company) from and against any losses, claims,
damages or liabilities to which the Company (or any such officer, director or
controlling person) may become subject (under the Securities Act or otherwise),
insofar as such losses, claims, damages or liabilities (or actions or
proceedings in respect thereof) arise out of, or are based upon, any failure to
comply with the covenants and agreements contained in Sections 3(a) and 5(b)
hereof respecting sale of the Shares, or any untrue statement of a material fact
contained in the Registration Statement on the effective date thereof if such
untrue statement was made in reliance upon and in conformity with written
information furnished by or on behalf of the Investor specifically for use in
preparation of the Registration Statement, PROVIDED, HOWEVER, that such Investor
shall not be liable in any such case to the extent that the Investor has
furnished in writing to the Company information expressly for use in such
Registration Statement or any amendment thereof or supplement thereto which
corrected or made not misleading information previously furnished to the Company
prior to the filing of the Registration Statement, and if thereafter, has
notified the Company of such information immediately upon its occurrence or the
Investor's knowledge of its occurrence. The Investor will reimburse the Company
(or such officer, director or controlling person), as the case may be, for any
legal or other expenses reasonably incurred in investigating, defending or
preparing to defend any such action, proceeding or claim. In no event shall the
liability of the Investor hereunder be greater in amount than the dollar amount
of the proceeds received by such Investor upon the sale of the Shares giving
rise to such indemnification obligation.

         Promptly after receipt by any indemnified person of a notice of a claim
or the beginning of any action in respect of which indemnity is to be sought
against an indemnifying person pursuant to this Section 5(d), such indemnified
person shall notify the indemnifying person in writing of such claim or of the
commencement of such action, and, subject to the provisions hereinafter stated,
in case any such action shall be brought against an indemnified person and such
indemnifying person shall be entitled to participate therein, and, to the extent
it shall wish, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified person. After notice from the indemnifying
person to such indemnified person of its election to assume the defense thereof,
such indemnifying person shall not be liable to such indemnified person for any
legal expenses subsequently incurred by such indemnified person in connection
with the defense thereof, PROVIDED, HOWEVER, that if there exists or shall exist
a conflict of interest that would make it inappropriate, in the opinion of
counsel to the indemnified person, for the same counsel to represent both the
indemnified person and such indemnifying person or any affiliate or associate
thereof, the indemnified person shall be entitled to retain its own counsel at
the expense of such indemnifying person; PROVIDED, HOWEVER, that no indemnifying
person shall be responsible for the fees and expenses of more than one separate
counsel for all indemnified parties.

         If the indemnification provided for in this Section 5(d) from the
indemnifying person is unavailable to an indemnified person hereunder in respect
of any losses, claims, damages, liabilities or expenses referred to herein, then
the indemnifying person, in lieu of indemnifying such indemnified person, shall
contribute to the amount paid or payable by such indemnified person as a result
of such losses, claims, damages, liabilities or expenses in such proportion as
is appropriate to reflect the relative

                                       13
<PAGE>

fault of the indemnifying person and indemnified persons in connection with the
actions which resulted in such losses, claims, damages, liabilities or expenses,
as well as any other relevant equitable considerations. The relative fault of
such indemnifying person and indemnified persons shall be determined by
reference to, among other things, whether any action in question, including any
untrue or alleged untrue statement of a material fact, has been made by, or
relates to information supplied by, such indemnifying person or indemnified
persons, and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such action. The amount paid or payable by a
party as a result of the losses, claims, damages, liabilities and expenses
referred to above shall be deemed to include, subject to the limitations set
forth in this Section 5(d), any reasonable legal or other fees or expenses
reasonably incurred by such party in connection with any investigation or
proceeding.

         The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5(d), no Investor shall be
required to contribute any amount in excess of the dollar amount of the proceeds
received by such Investor upon the sale of the Shares giving rise to such
contribution obligation. 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.

                  (e) TERMINATION OF CONDITIONS AND OBLIGATIONS. The conditions
precedent imposed by Section 2 or this Section 5 upon the transferability of the
Investor Shares shall cease and terminate as to any particular number of the
Investor Shares when such Investor Shares shall have been effectively registered
under the Securities Act and sold or otherwise disposed of in accordance with
the intended method of disposition set forth in the registration statement
covering such Investor Shares or at such time as an opinion of counsel
satisfactory to the Company shall have been rendered to the effect that such
conditions are not necessary in order to comply with the Securities Act.

                  (f) INFORMATION AVAILABLE. So long as a registration statement
is effective covering the resale of the Investor Shares, the Company will
furnish to the Investor:

                      (1) As soon as practicable after available (but in the
case of the Company's Annual Report to Shareholders, within one hundred twenty
(120) days after the end of each fiscal year of the Company), one copy of (i)
its Annual Report to Shareholders (which Annual Report shall contain financial
statements audited in accordance with generally accepted accounting principles
by a national firm of certified public accountants), (ii) if not included in
substance in the Annual Report to Shareholders, its Annual Report on Form 10-K
or equivalent form, (iii) its Quarterly Reports to Shareholders, (iv) if not
included in substance in its Quarterly Reports to Shareholders, its quarterly
reports on Form 10-Q or equivalent form, and (v) a full copy of the particular
registration statement covering the Shares (the foregoing, in each case,
excluding exhibits);

                                       14
<PAGE>

                      (2) Upon the reasonable request of the Investor, all
exhibits excluded by the parenthetical to subparagraph (i) of this Section 5(f)
and all other information that is made available to shareholders; and

                      (3) Upon the reasonable request of the Investor, an
adequate number of copies of the prospectuses to supply to any other party
requiring such prospectuses;

and the Company, upon the reasonable request of the Investor, will meet with the
Investor or a representative thereof at the Company's headquarters to discuss
all information relevant for disclosure in the registration statement covering
the Investor Shares and will otherwise cooperate with any Investor conducting an
investigation for the purpose of reducing or eliminating such Investor's
exposure to liability under the Securities Act, including the reasonable
production of information at the Company's headquarters.

         8.       MISCELLANEOUS.

                  (a) FEES AND EXPENSES. The Company shall reimburse the
Investor for its out-of-pocket expenses incurred in connection with (i) the
transactions contemplated hereby and (ii) the procedures in Section 5(a)(2)(a)
through (h) hereof, other than fees and expenses, if any, of counsel or other
advisors to the Investor upon delivery to the Company of reasonable
documentation setting forth such out-of-pocket expenses. Notwithstanding the
foregoing the Company shall reimburse the Investors for the reasonable fees and
expenses (not to exceed $15,000) of one counsel to the Investors in connection
with (i) the transactions contemplated hereby and (ii) the procedures in Section
5(a)(2)(a) through (h) hereof upon delivery to the Company of reasonable
documentation. The parties hereto acknowledge and agree that the Company shall
have no obligation to reimburse the Investors, and the Investors shall be solely
liable for, all such fees and expenses of counsel in excess of $15,000.

                  (b) BINDING AGREEMENT; ASSIGNMENT. This Agreement shall be
binding upon, and shall inure solely to the benefit of, each of the parties
hereto, and each of their respective heirs, executors, administrators,
successors and permitted assigns, and no other person shall acquire or have any
right under or by virtue of this Agreement. The Investor may not assign any of
its rights or obligations hereunder to any other person or entity without the
prior written consent of the Company.

                  (c) ENTIRE AGREEMENT. This Agreement constitutes the entire
agreement among the parties hereto with respect to the subject matter hereof and
may be amended only by written execution by both parties. By executing this
Agreement below, the Investor agrees to be bound by all of the terms,
provisions, warranties, covenants and conditions contained herein. Upon
acceptance by the Company, this Agreement shall be binding on both parties
hereto.

                                       15
<PAGE>

                  (d) CONSENT TO JURISDICTION. THIS AGREEMENT SHALL BE ENFORCED,
GOVERNED AND CONSTRUED IN ALL RESPECTS IN ACCORDANCE WITH THE LAWS OF THE
COMMONWEALTH OF MASSACHUSETTS, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS
PRINCIPLES. FURTHERMORE, EACH INVESTOR HEREBY IRREVOCABLY SUBMITS TO THE
JURISDICTION OF THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS AND THE UNITED
STATES OF AMERICA FOR THE DISTRICT OF MASSACHUSETTS IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT.

                  (e) NOTICES. All notices, requests, consents and other
communication hereunder shall be in writing, shall be mailed by first class
registered or certified mail, or nationally recognized overnight express courier
postage prepaid, and shall be deemed given when so mailed and shall be delivered
as addressed as follows:

         if to the Company, to:

                           BioSphere Medical, Inc.
                           111 Locke Drive
                           Marlborough, Massachusetts 01752
                           Attn:  Robert Palladino
                                  Chief Financial Officer

         with a copy mailed to:

                           Goodwin, Procter & Hoar LLP
                           Exchange Place
                           Boston, Massachusetts 02109
                           Attn:  Stuart M. Cable, P.C.

or to such other person at such other place as the Company shall designate to
the Investor in writing; and

if to the Investor, at its address as set forth at the end of this Agreement, or
at such other address or addresses as may have been furnished to the Company in
writing.

                  (f) COUNTERPARTS. This Agreement may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one in the same agreement.

                  [Remainder of Page Intentionally Left Blank]

                                       16
<PAGE>

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

                                         BIOSPHERE MEDICAL, INC.

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

Accepted and Agreed as of the date
first above written:

--------------------------------------
Name of Investor (Print)

By:
    ----------------------------------
    Name:
    Title

Address:
            --------------------------

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

            --------------------------
Telephone:
            --------------------------
Facsimile:

Nominee (name in which Investor Shares are to
be registered, if different than name of Investor)

Address of Nominee:

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

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

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

Taxpayer I.D. Number:
                     ---------------------
(if acquired in the name of a nominee, the taxpayer
I.D. number of such nominee)

                                      S-1
<PAGE>

                            (CONTINUED ON NEXT PAGE)

Designated Bank__________________________

Address__________________________________

ABA No.
Account No.______________________________

Attention _______________________________

                  EACH INVESTOR EXECUTING THESE PURCHASE AGREEMENT SIGNATURE
                  PAGES ON BEHALF OF ONE OR MORE MANAGED ACCOUNTS SHOULD PROVIDE
                  THE NAME OF, AND FOREGOING INFORMATION WITH RESPECT TO, EACH
                  SUCH MANAGED ACCOUNT.

                                       S-2

<PAGE>

                                                                         ANNEX I

                             INVESTOR QUESTIONNAIRE

         The Shares are being offered for sale to "accredited investors" as that
term is defined in Rule 501 under the Securities Act of 1933, as amended (the
"Act").

         The undersigned entity certifies that it (and each managed account on
whose behalf Investor Shares are being purchased by it) is an "accredited
investor" because it is (check one or more items below):

_____     i.    a bank as defined in section 3(a)(2) of the Act whether acting
                in its individual or fiduciary capacity;

_____     ii.   a savings and loan association or other institution as defined
                in section 3(a)(5)(A) of the Act whether acting in its
                individual or fiduciary capacity;

_____     iii.  a broker dealer registered pursuant to section 15 of the
                Securities Exchange Act of 1934, as amended;

_____     iv.   an insurance company as defined in section 2(13) of the Act;

_____     v.    an investment company registered under the Investment Company
                Act of 1940, as amended (the "1940 Act");

_____     vi.   a business development company as defined in section 2(a)(48) of
                the 1940 Act;

_____     vii.  a Small Business Investment Company licensed by the U.S. Small
                Business Administration under section 301(c) or (d) of the Small
                Business Investment Act of 1958;

_____     viii. a plan established and maintained by a state or its political
                subdivision for the benefit of its employees, provided that such
                plan has total assets in excess of $5,000,000;

_____     ix.   an employee benefit plan within the meaning of Title I of the
                Employee Retirement Income Security Act of 1974 ("ERISA"),
                provided that the investment decision is made by a plan
                fiduciary, as defined in section 3(21) of ERISA, and the plan
                fiduciary is either a bank, savings and loan association,
                insurance company or registered investment adviser or provided
                that the employee benefit plan has total assets in excess of
                $5,000,000; or if a self-directed plan, with investment
                decisions made solely by persons that are accredited investors;

<PAGE>

                                                                         ANNEX I
                                                                          Page 2

_____     x.    a private business development company as defined in section
                202(a)(22) of the Investment Advisers Act of 1940;

_____     xi.   an organization described in section 501(c)(3) of the Internal
                Revenue Code, not formed for the specific purpose of acquiring
                the Investor Shares, with total assets in excess of $5,000,000;

_____     xii.  a director or executive officer, or general partner of the
                Company;

_____     xiii. a corporation, Massachusetts or similar business trust, or
                partnership, not formed for the specific purpose of acquiring
                the Investor Shares, with total assets in excess of $5,000,000;

_____     xiv.  a trust, with total assets in excess of $5,000,000, not formed
                for the specific purpose of acquiring the Investor Shares, and
                the purchase of the Investor Shares is directed by a
                sophisticated person as described in Rule 506(b)(2)(ii) under
                the Act;

_____     xv.   a natural person whose individual net worth, or joint net worth
                with that person's spouse, at the time of his purchase exceeds
                $1,000,000;

_____     xvi.  a natural person who had an individual income in excess of
                $200,000 in each of 1998 and 1999 or joint income with that
                person's spouse in excess of $300,000 in each of those years
                and has a reasonable expectation of reaching the same income
                level in 2000;

_____     xvii. an entity in which all of the equity owners are accredited
                investors (described in any of (i) - (xvi) above).

                                                 INVESTOR:

                                              By:
                                                 --------------------------
                                                 Name:
                                                 Title:

<PAGE>

                                                                        ANNEX II

                [Form of Managed Accounts Representation Letter]

BioSphere Medical, Inc.
111 Locke Drive
Marlborough, MA 01752

Ladies and Gentlemen:

         Reference is hereby made to (i) that certain Stock and Warrant Purchase
Agreement, dated as of February __, 2000 (the "Agreement"), by and between you
and the undersigned relating to the purchase of shares of the common stock, par
value $0.01 per share (the "Common Stock"), of BioSphere Medical, Inc.
("BioSphere"), and warrants (the "Warrants") to purchase shares of Common Stock
and (ii) the certain Warrant Agreement, dated as of February __, 2000 (the
"Warrant Agreement"), by and between BioSphere and the Investor regarding the
Warrants. Capitalized terms used herein that are not defined herein have the
meaning set forth in the Agreement.

         The undersigned has executed or is executing the Agreement and the
Warrant Agreement as an Investor.

         This Managed Accounts Representation Letter will serve to advise you
that in executing the Agreement, the undersigned has acted for or on behalf of
one or more persons ("Accounts") pursuant to authority granted to the
undersigned by each such Account.

         The undersigned hereby represents and warrants to, and covenants and
agrees with, you that:

               i.   the shares of Common Stock and Warrants being purchased
                    under the Agreement by or for an Account are being purchased
                    for the benefit of the Account and the undersigned is not
                    acting for itself but is acting as a fiduciary on behalf of
                    such Account;

               ii.  the representations and warranties of the Investor set forth
                    in Section 3(a)(iii) of the Agreement are true and correct
                    as to each Account and the Investor Shares being purchased
                    by or for such Account;

               iii. each such Account will be fully bound by and subject to the
                    Agreement in all respects as an Investor;

<PAGE>

               iv.  the undersigned is fully authorized by each such Account to
                    enter into the Agreement with full authority regarding the
                    investment in and disposition of the Investor Shares, the
                    evaluation of the merits and risks of the investment and to
                    execute this Managed Accounts Representation Letter for or
                    on behalf of such Account;

               v.   the undersigned is registered or licensed as either an
                    investment adviser or a dealer or broker and is in
                    compliance with all investment adviser or dealer and broker
                    requirements, as the case may be, in connection with the
                    sale of the Investor Shares and with all the statutes, rules
                    and regulations with respect to registration or licensing in
                    each state in which the Investor Shares are sold by the
                    undersigned; and

Executed as of the date as of which the Agreement is executed by the
undersigned.

                                           ACCOUNT MANAGER:

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

                                           By:
                                               ---------------------------------
                                               Name:
                                               Title:

                                           On behalf of the following accounts:

<PAGE>

                                                                       ANNEX III

                       NUMBER OF SHARES BENEFICIALLY OWNED

<PAGE>

                                                                        ANNEX IV

                      REGISTRATION STATEMENT QUESTIONNAIRE

         In connection with the preparation of the Registration Statement,
please provide us with the following information:

         1. Pursuant to the "Selling Shareholder" section of the Registration
Statement, please state your or your organization's name exactly as it should
appear in the Registration Statement:

         2. Please provide the following information, as of the Closing Date:

                       (1)                             (2)

                                                  Number of shares
                  Number of Shares                if any, which will
                  which are being                 be owned after
                  included in the                 completion of sale
                  Registration                    of Shares included
                  Statement (if all               in the Registration
                  purchased, put all)             statement
                  -------------------             ---------

         3 Have you or your organization had any position, office or other
material relationship within the past three (3) years with the Company or its
affiliates other than as disclosed in the Memorandum?

                  ___ Yes                        ___ No

         If yes, please indicate the nature of any such relationship below:

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

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

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

<PAGE>

                                                                         ANNEX V

Attention:

                    INVESTOR'S CERTIFICATE OF SUBSEQUENT SALE

         The undersigned, [an officer of, or other person duly authorized by]
______________ [fill in official name of individual or institution] hereby
certifies that he/she [said institution] is the Investor in the shares evidenced
by the attached certificate, and as such, sold such shares on ________ [date] in
accordance with registration statement number ___________________ [fill in the
number of or otherwise identify registration statement] and the requirement
of delivering a current prospectus and current annual and quarterly reports
by the Company has been complied with in connection with such sale.

Print or Type:

                  Name of Investor
                      (Individual or
                       Institution)               ______________________________

                  Name of Individual
                      representing
                      Investor (if an

                      Institution):               ______________________________
                  Title of Individual
                      representing
                      Investor (if an
                      Institution):               ______________________________

Signature by:

                  Individual Investor or
                      Individual representing
                      Investor:                   ______________________________

<PAGE>

                                                                        ANNEX VI

                                WIRE INSTRUCTIONS

Fleet Bank
100 Federal Street
Boston, MA 02167
ABA #: 011-000-138
Acct Name: BioSepra Inc.
Acct Officer: Kim Martone
Acct #: 9372882412

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