Document:

EXHIBIT 4.1

THIS  WARRANT  AND THE SHARES OF COMMON  STOCK  ISSUABLE  UPON  EXERCISE OF THIS
WARRANT HAVE NOT BEEN  REGISTERED  UNDER THE  SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT") OR APPLICABLE STATE SECURITIES LAWS, AND ARE "RESTRICTED SECURITIES"
AS THAT TERM IS DEFINED  IN RULE 144 UNDER THE ACT.  THE  SECURITIES  MAY NOT BE
OFFERED FOR SALE, SOLD OR OTHERWISE  TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION  STATEMENT UNDER THE ACT AND APPLICABLE  STATE  SECURITIES LAWS, OR
PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREFROM,  THE AVAILABILITY OF WHICH
IS TO BE ESTABLISHED TO THE SATISFACTION OF MOLECULAR DIAGNOSTICS, INC.

                                                                  Warrant No.DB4

                   WARRANT TO PURCHASE SHARES OF COMMON STOCK

                             ISSUE DATE: MAY 2, 2005

      This  certifies  that  Dan  Burns or any  valid  transferee  thereof  (the
"Holder"),   for  value  received,   is  entitled  to  purchase  from  Molecular
Diagnostics,  Inc., a Delaware  corporation  with its principal  business office
located at 414 North Orleans  Street,  Suite 502,  Chicago,  Illinois 60610 (the
"Company"),  subject to the terms and conditions set forth below, at any time or
from time to time on and after the  Vesting  Date (as  defined  below) set forth
above and before 3:00 p.m.  (Central  Time) on December  31, 2008 of the Vesting
Date (the "Expiration  Date"),  556,500 shares of Common Stock,  $.001 par value
per share,  of the Company  ("Common  Stock"),  at a purchase price of $0.06 per
share. The shares  purchasable  upon exercise of this Warrant,  and the purchase
price per share,  each as adjusted from time to time pursuant to the  provisions
of this Warrant,  are  hereinafter  referred to as the "Warrant  Shares" and the
"Purchase Price,"  respectively.  As consideration for this Warrant,  the Holder
named above  agrees to forgive all  outstanding  indebtedness  of the Company to
such named  Holder.  The Holder  expressly  agrees  and  acknowledges  that this
Warrant shall not vest, and shall not be exercisable, in whole or in part, until
such time as the  stockholders  of the Company approve an increase in the number
of  authorized  shares of Common  Stock of the Company and an  amendment  to the
Company's  Certificate of  Incorporation is filed with the Secretary of State of
the State of Delaware to effect such increase (such date, the "Vesting Date").

      1.    Exercise.

            (a) Exercise for Cash. The Holder may, at the Holder's option, elect
to exercise  this  Warrant,  in whole or in part and at any time or from time to
time on or after the Vesting Date but prior to 3:00 p.m.  (Central  Time) on the
Expiration Date, by surrendering  this Warrant,  with the purchase form appended
hereto  as  Exhibit  I duly  executed  by or on  behalf  of the  Holder,  at the
principal  office  of the  Company,  or at such  other  office  or agency as the
Company may  designate,  accompanied  by payment in full, in lawful money of the
United States, of the Purchase Price payable in respect of the number of Warrant
Shares purchased upon such exercise.  In no event shall any such exercise be for

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fewer than  10,000  Warrant  Shares  unless  fewer than an  aggregate  of 10,000
Warrant Shares are then purchasable  under all outstanding  Warrants held by the
Holder.  Payment of the aggregate Purchase Price may be made in cash,  certified
or bank check, or wire transfer of immediately available funds.

            (b) Cashless Exercise.

                  (i) The Holder may, at the Holder's option,  elect to exercise
this  Warrant,  in whole  or in part and at any time or from  time to time on or
after the Vesting Date but prior to 3:00 p.m.  (Central  Time) on the Expiration
Date, on a cashless basis, by surrendering this Warrant,  with the purchase form
appended hereto as Exhibit I duly executed by or on behalf of the Holder, at the
principal  office  of the  Company,  or at such  other  office  or agency as the
Company may designate,  by canceling a portion of this Warrant in payment of the
Purchase Price payable in respect of the number of Warrant Shares purchased upon
such exercise. In the event of an exercise pursuant to this subsection 1(b), the
number of Warrant  Shares issued to the Holder shall be determined  according to
the following formula:

          X = Y(A-B)
              ------
                A

         Where:  X =       the number of Warrant Shares that shall be
                           issued to the Holder;

                 Y =       the  number of  Warrant  Shares  for which
                           this Warrant is being exercised (which shall
                           include  both the number of  Warrant  Shares
                           issued  to the  Holder  and  the  number  of
                           Warrant Shares subject to the portion of the
                           Warrant  being  cancelled  in payment of the
                           Purchase Price);

                 A =       the Fair Market Value (as defined below) of
                           one share of Common Stock; and

                 B =       the Purchase Price then in effect.

                  (ii) The Fair Market  Value per share of Common Stock shall be
determined as follows:

                        (1)  If  the  Common  Stock  is  listed  on  a  national
securities  exchange,  the Nasdaq National Market or the Nasdaq SmallCap Market,
or another  nationally  recognized  trading  system as of the Exercise  Date (as
defined in (c) below),  the Fair Market Value per share of Common Stock shall be
deemed to be the  average of the  highest  and lowest  reported  sale prices per
share of Common  Stock  thereon on the trading  day  immediately  preceding  the
Exercise Date ; provided that if no such price is reported on such day, the Fair
Market  Value per share of Common Stock shall be  determined  pursuant to clause
(3).

                        (2) If the  Common  Stock is not  listed  on a  national
securities  exchange,  the Nasdaq National Market or the Nasdaq SmallCap Market,
or another nationally  recognized trading system as of the Exercise Date, but is
quoted on the  Over-The-Counter  Bulletin Board, the Fair Market Value per share
of Common  Stock shall be deemed to be the average of the highest bid and lowest

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asked  prices  quoted  thereon on the  trading  day  immediately  preceding  the
Exercise  Date;  provided  that if no price is  reported  on such day,  the Fair
Market  Value per share of Common Stock shall be  determined  pursuant to clause
(3).

                        (3) If the  Common  Stock is not  listed  on a  national
securities  exchange,  the Nasdaq National Market, the Nasdaq SmallCap Market or
another nationally recognized trading system or the Over-the-Counter  Electronic
Bulletin  Board as of the  Exercise  Date,  the Fair  Market  Value per share of
Common Stock shall be deemed to be the amount most  recently  determined  by the
Board of  Directors of the Company  (the  "Board") to represent  the fair market
value  per  share  of  the  Common  Stock   (including   without   limitation  a
determination  for purposes of granting  Common Stock options or issuing  Common
Stock under any plan,  agreement or arrangement  with employees of the Company);
and, upon request of the Holder, the Board (or a representative  thereof) shall,
as  promptly  as  reasonably  practicable  but in any event  not  later  than 10
business days after such request, notify the Holder of the Fair Market Value per
share of Common Stock.  Notwithstanding the foregoing, if the Board has not made
such a determination  within the three-month  period prior to the Exercise Date,
then (A) the Board shall make,  and shall provide or cause to be provided to the
Holder  notice of, a  determination  of the Fair  Market  Value per share of the
Common Stock  within 15 business  days of a request by the Holder that it do so,
and (B) the exercise of this Warrant  pursuant to this  subsection 1(b) shall be
delayed until such  determination  is made and notice thereof is provided to the
Holder.

            (c) Exercise  Date and Status as Holder of Shares.  Each exercise of
this  Warrant  shall be deemed to have been  effected  immediately  prior to the
close of business on the day on which this Warrant  shall have been  surrendered
to the  Company as  provided  in  subsection  1(a) or 1(b) above (the  "Exercise
Date"),  which Exercise  Date(s) shall not be prior to the Vesting Date. At such
time, the person or persons in whose name or names any  certificates for Warrant
Shares shall be issuable upon such exercise as provided in subsection 1(d) below
shall be deemed to have  become the  holder or holders of record of the  Warrant
Shares represented by such certificates.

            (d)  Issuance  of  Certificates.  As soon as  practicable  after the
exercise  of this  Warrant  in whole  or in part,  and in any  event  within  10
business days thereafter,  the Company, at its expense,  will cause to be issued
in the name of, and delivered to, the Holder,  or as the Holder (upon payment by
the Holder of any applicable transfer taxes) may direct:

                  (i) a  certificate  or  certificates  for the  number  of full
Warrant Shares to which the Holder shall be entitled upon such exercise plus, in
lieu of any  fractional  share to which the Holder would  otherwise be entitled,
cash in an amount determined pursuant to Section 3 hereof; and

                  (ii) in case such  exercise is in part only,  a new warrant or
warrants (dated the date hereof) of like tenor,  calling in the aggregate on the
face or faces  thereof for the number of Warrant  Shares equal  (without  giving
effect to any adjustment therein) to the number of such shares called for on the
face of this Warrant  minus the number of Warrant  Shares for which this Warrant
was so exercised (which, in the case of an exercise pursuant to subsection 1(b),
shall include both the number of Warrant Shares issued to the Holder pursuant to
such partial exercise and the number of Warrant Shares subject to the portion of
the Warrant being cancelled in payment of the Purchase Price).

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<PAGE>

            (e) Warrant Shares. The Warrant Shares issued upon any such exercise
of this Warrant shall be validly issued, fully paid and non-assessable.

      2.    Adjustments.

            (a)  Adjustment  for Stock Splits and  Combinations.  If the Company
shall at any time or from time to time  after the Issue Date as set forth on the
first page hereof (or, if this Warrant was issued upon  partial  exercise of, or
in replacement  of, another  warrant of like tenor,  then the date on which such
original  warrant was first issued)  (either such date being  referred to as the
"Original Issue Date") effect a subdivision of the outstanding Common Stock, the
Purchase  Price then in effect  immediately  before  that  subdivision  shall be
proportionately decreased. If the Company shall at any time or from time to time
after the Original  Issue Date combine the  outstanding  shares of Common Stock,
the Purchase Price then in effect  immediately  before the combination  shall be
proportionately  increased.  Any adjustment  under this  paragraph  shall become
effective at the close of business on the date the  subdivision  or  combination
becomes effective.

            (b) Adjustment for Certain Dividends and Distributions. In the event
the Company at any time or from time to time after the Original Issue Date shall
make or issue, or fix a record date for the  determination  of holders of Common
Stock  entitled  to  receive,  a  dividend  or  other  distribution  payable  in
additional  shares of Common  Stock,  then and in each such  event the  Purchase
Price then in effect  immediately before such event shall be decreased as of the
time of such issuance or, in the event such a record date shall have been fixed,
as of the close of business on such record  date,  by  multiplying  the Purchase
Price then in effect by a fraction:

                  (1) the numerator of which shall be the total number of shares
of Common Stock  issued and  outstanding  immediately  prior to the time of such
issuance or the close of business on such record date, and

                  (2) the  denominator  of which  shall be the  total  number of
shares of Common Stock issued and outstanding  immediately  prior to the time of
such  issuance  or the close of  business on such record date plus the number of
shares of Common Stock issuable in payment of such dividend or distribution;

provided,  however,  that if such  record  date  shall  have been fixed and such
dividend is not fully paid or if such distribution is not fully made on the date
fixed  therefor,  the Purchase  Price shall be recomputed  accordingly as of the
close of business on such record date and thereafter the Purchase Price shall be
adjusted  pursuant to this  paragraph  as of the time of actual  payment of such
dividends or distributions.

            (c) Adjustment in Number of Warrant  Shares.  When any adjustment is
required to be made in the Purchase Price pursuant to subsections  2(a) or 2(b),
the number of Warrant Shares purchasable upon the exercise of this Warrant shall
be changed to the  number  determined  by  dividing  (i) an amount  equal to the
number of shares issuable upon the exercise of this Warrant immediately prior to
such adjustment, multiplied by the Purchase Price in effect immediately prior to
such  adjustment,  by (ii) the Purchase Price in effect  immediately  after such
adjustment.

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<PAGE>

            (d) Adjustments for Other Dividends and Distributions.  In the event
the Company at any time or from time to time after the Original Issue Date shall
make or issue, or fix a record date for the  determination  of holders of Common
Stock  entitled  to  receive,  a  dividend  or  other  distribution  payable  in
securities  of the Company  (other  than  shares of Common  Stock) or in cash or
other property (other than regular cash dividends paid out of earnings or earned
surplus,   determined  in  accordance   with   generally   accepted   accounting
principles),  then and in each such  event  provision  shall be made so that the
Holder shall receive upon exercise  hereof,  in addition to the number of shares
of Common Stock  issuable  hereunder,  the kind and amount of  securities of the
Company,  cash or other  property  which the Holder would have been  entitled to
receive had this  Warrant  been  exercised on the date of such event and had the
Holder  thereafter,  during  the  period  from  the  date of such  event  to and
including the Exercise Date, retained any such securities receivable during such
period,  giving  application  to all  adjustments  called for during such period
under this Section 2 with respect to the rights of the Holder.

            (e)  Adjustment  for  Reorganization.   If  there  shall  occur  any
reorganization,  recapitalization,  reclassification,  consolidation  or  merger
involving  the Company in which the Common Stock is converted  into or exchanged
for  securities,  cash or other  property  (other than a transaction  covered by
subsections  2(a),  2(b) or  2(d))  (collectively,  a  "Reorganization"),  then,
following such Reorganization, the Holder shall receive upon exercise hereof the
kind and amount of  securities,  cash or other  property  which the Holder would
have been entitled to receive pursuant to such  Reorganization  if such exercise
had taken  place  immediately  prior to such  Reorganization.  In any such case,
appropriate  adjustment (as determined in good faith by the Board) shall be made
in the application of the provisions set forth herein with respect to the rights
and interests thereafter of the Holder, to the end that the provisions set forth
in this  Section 2  (including  provisions  with respect to changes in and other
adjustments of the Purchase Price) shall thereafter be applicable,  as nearly as
reasonably  may be,  in  relation  to any  securities,  cash or  other  property
thereafter deliverable upon the exercise of this Warrant.

            (f)  Certificate  as to  Adjustments.  Upon the  occurrence  of each
adjustment or readjustment of the Purchase Price pursuant to this Section 2, the
Company at its expense shall,  as promptly as reasonably  practicable but in any
event not later than 10 business  days  thereafter,  compute such  adjustment or
readjustment  in  accordance  with the terms  hereof and furnish to the Holder a
certificate  setting forth such adjustment or  readjustment  (including the kind
and amount of securities, cash or other property for which this Warrant shall be
exercisable  and the Purchase Price) and the facts upon which such adjustment or
readjustment is based. The Company shall, as promptly as reasonably  practicable
after the written  request at any time of the Holder (but in any event not later
than 10  business  days  thereafter),  furnish or cause to be  furnished  to the
Holder a  certificate  setting  forth (i) the Purchase  Price then in effect and
(ii) the  number  of shares of Common  Stock and the  amount,  if any,  of other
securities,  cash or property  which then would be received upon the exercise of
this Warrant.

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            (g) No Adjustments in Certain Cases.  No adjustment in the number of
Warrant Shares purchasable pursuant to this Warrant shall be required unless the
adjustment  would require an increase or decrease of at least one percent (1.0%)
in the number of Warrant  Shares  then  purchasable  upon the  exercise  of this
Warrant.  Except as  provided  in this  Section 2, no other  adjustments  in the
number, kind or price of shares constituting Warrant Shares shall be made during
the term, or upon the exercise,  of this Warrant.  Further, no adjustments shall
be made  pursuant  to this  Section  2 hereof  in  connection  with the grant or
exercise of presently  authorized  or  outstanding  options to purchase,  or the
issuance of shares of Common Stock  under,  the  Company's  director or employee
benefit or option plans.

            (h) Treasury Stock. For purposes of this Section 2, shares of Common
Stock owned or held at any relevant time by, or for the account of, the Company,
in its treasury or otherwise, shall not be deemed to be outstanding for purposes
of the calculations and adjustments herein described.

      3. Fractional  Shares. The Company shall not be required upon the exercise
of this  Warrant to issue any  fractional  shares,  but shall pay in cash to the
Holder an amount equal to such fraction  multiplied by the Fair Market Value per
share of Common Stock, as determined pursuant to subsection 1(b) above.

      4. Investment Representations.  The initial Holder represents and warrants
to the Company as follows:

            (a)  Investment.  The Holder is acquiring this Warrant,  and (if and
when such Holder  exercises this Warrant) will acquire the Warrant  Shares,  for
such Holder's own account for  investment and not with a view to, or for sale in
connection with, any  distribution  thereof,  nor with any present  intention of
distributing  or selling the same; and the Holder has no present or contemplated
agreement,  undertaking,  arrangement,  obligation,  indebtedness  or commitment
providing for the disposition thereof.

            (b) Accredited Investor.  The Holder is an "accredited  investor" as
defined in Rule 501(a) under the Act.

            (c)  Experience.  The Holder has made such  inquiry  concerning  the
Company and its business and personnel as the Holder has deemed appropriate; and
the Holder has sufficient  knowledge and experience in finance and business that
the Holder is capable of evaluating the risks and merits of an investment in the
Company.

      5. Transfers, etc.

            (a)  This  Warrant  and  the  Warrant  Shares  shall  not be sold or
transferred  unless either (i) they first shall have been  registered  under the
Act and any applicable  state  securities  laws, or (ii) the Company first shall
have been  furnished  with an  opinion  of legal  counsel,  satisfactory  to the
Company,  to  the  effect  that  such  sale  or  transfer  is  exempt  from  the
registration requirements of the Act and any applicable state securities laws.

            (b) Each certificate representing Warrant Shares shall bear a legend
substantially in the following form:

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                  "The securities  represented by this certificate have not been
                  registered  under the Securities  Act of 1933, as amended,  or
                  any state  securities  laws,  and may not be offered,  sold or
                  otherwise  transferred,  pledged  or  hypothecated  unless and
                  until  such  securities  are  registered  under  such  act and
                  applicable  state  securities  laws or an  opinion  of counsel
                  satisfactory  to the  Company is  obtained  to the effect that
                  such registration is not required."

         The   foregoing   legend  shall  be  removed   from  the   certificates
representing any Warrant Shares,  at the request of the holder thereof,  at such
time as they become eligible for resale pursuant to Rule 144(k) under the Act.

            (c) The Company  will  maintain a register  containing  the name and
address of the  Holder of this  Warrant.  The  Holder  may  change the  Holder's
address  as shown on the  warrant  register  by  written  notice to the  Company
requesting such change.

            (d) Subject to the provisions of clauses (a) and (b) of this Section
5, this Warrant and all rights hereunder are transferable,  in whole or in part,
upon surrender of this Warrant with a properly executed  assignment (in the form
of Exhibit II hereto) at the  principal  office of the  Company  (or, if another
office or agency has been  designated by the Company for such  purpose,  then at
such other office or agency).  Upon the presentation and surrender of such items
to the  Company,  the Company  shall  execute and deliver to the  transferee  or
transferees  of this  Warrant  a new  Warrant  or  Warrants,  in the name of the
transferee or  transferees  named in the  assignment,  and this Warrant shall at
that time be canceled to the extent transferred.

      6.    No Impairment; Adjustment of Par Value.

            (a) The Company will not, by amendment of its charter or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities  or any other  voluntary  action,  avoid or seek to avoid the
observance or performance  of any of the terms of this Warrant,  but will at all
times in good  faith  assist in the  carrying  out of all such  terms and in the
taking of all such action as may be necessary or appropriate in order to protect
the rights of the Holder against impairment.

            (b) Before taking any action that would cause an adjustment reducing
the  Purchase  Price per share below the then par value of the shares of Warrant
Shares  issuable  upon  exercise  of the  Warrant,  the  Company  will  take any
corporate action that may be necessary in order that the Company may validly and
legally  issue fully paid and  non-assessable  shares of such Warrant  Shares at
such adjusted price.

      7.    Record Date, etc. In the event:

      (a) the Company shall take a record of the holders of its Common Stock (or
other stock or  securities  at the time  deliverable  upon the  exercise of this
Warrant) for the purpose of  entitling or enabling  them to receive any dividend
or other distribution,  or to receive any right to subscribe for or purchase any
shares of stock of any class or any other  securities,  or to receive  any other
right; or

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            (b)  of   any   capital   reorganization   of   the   Company,   any
reclassification of the Common Stock of the Company, any consolidation or merger
of the Company with or into another  corporation  (other than a consolidation or
merger in which the Company is the surviving  entity and its Common Stock is not
converted  into or  exchanged  for any other  securities  or  property),  or any
transfer of all or substantially all of the assets of the Company; or

            (c) of the  voluntary or  involuntary  dissolution,  liquidation  or
winding-up of the Company,

then,  and in each such case,  the Company  will send or cause to be sent to the
Holder a notice  specifying,  as the case may be, (i) the  record  date for such
dividend,  distribution or right, and the amount and character of such dividend,
distribution or right, or (ii) the effective date on which such  reorganization,
reclassification,  consolidation,  merger, transfer, dissolution, liquidation or
winding-up is to take place,  and the time,  if any is to be fixed,  as of which
the holders of record of Common Stock (or such other stock or  securities at the
time  deliverable  upon the  exercise  of this  Warrant)  shall be  entitled  to
exchange  their shares of Common Stock (or such other stock or  securities)  for
securities   or   other   property   deliverable   upon   such   reorganization,
reclassification,  consolidation,  merger, transfer, dissolution, liquidation or
winding-up.  Such notice shall be sent at least 10 days prior to the record date
or effective date for the event specified in such notice.

      8.  Acknowledgment and Reservation of Stock.  Commencing the Vesting Date,
the Company will at all times  reserve and keep  available,  solely for issuance
and delivery  upon the exercise of this Warrant,  such number of Warrant  Shares
and other  securities,  cash  and/or  property,  as from  time to time  shall be
issuable  upon the exercise of this  Warrant.  The Holder  expressly  agrees and
acknowledges  that the  Company  currently  does not  have  for  reservation  or
issuance upon exercise of this Warrant a sufficient  number of authorized shares
of its Common Stock.

      9. Exchange or Replacement of Warrants.

            (a) Upon the  surrender  by the Holder,  properly  endorsed,  to the
Company at the principal office of the Company, the Company will, subject to the
provisions  of Section 5 hereof,  issue and  deliver to or upon the order of the
Holder,  at the Company's  expense,  a new Warrant or Warrants of like tenor, in
the name of the  Holder or as the  Holder  (upon  payment  by the  Holder of any
applicable  transfer taxes) may direct,  calling in the aggregate on the face or
faces  thereof  for the number of shares of Common  Stock (or other  securities,
cash and/or property) then issuable upon exercise of this Warrant.

            (b) Upon receipt of evidence reasonably  satisfactory to the Company
of the loss,  theft,  destruction or mutilation of this Warrant and (in the case
of loss,  theft or  destruction)  upon delivery of an indemnity  agreement (with
surety if  reasonably  required)  in an amount  reasonably  satisfactory  to the
Company,  or (in the case of mutilation) upon surrender and cancellation of this
Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor.

      10. Notices.  All notices and other communications from the Company to the
Holder in connection  herewith shall be mailed by certified or registered  mail,
postage prepaid,  or sent via a reputable  nationwide  overnight courier service
guaranteeing  next business day delivery,  to the address last  furnished to the

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Company in writing by the Holder. All notices and other  communications from the
Holder to the Company in  connection  herewith  shall be mailed by  certified or
registered mail, postage prepaid, or sent via a reputable  nationwide  overnight
courier service  guaranteeing next business day delivery,  to the Company at its
principal  office set forth above.  If the Company should at any time change the
location of its  principal  office to a place other than as set forth below,  it
shall give prompt  written notice to the Holder and thereafter all references in
this  Warrant to the location of its  principal  office at the  particular  time
shall be as so  specified in such  notice.  All such notices and  communications
shall be deemed  delivered (i) three business days after being sent by certified
or registered  mail,  return receipt  requested,  postage  prepaid,  or (ii) one
business  day after  being sent via a  reputable  nationwide  overnight  courier
service guaranteeing next business day delivery.

      11. No Rights as Stockholder;  No Liability.  No provision of this Warrant
shall be construed as conferring  upon the Holder hereof the right to vote or to
consent or to receive dividends or to receive notice as a stockholder in respect
of meetings of stockholders  for the election of directors of the Company or any
other matter  whatsoever  as a  stockholder  of the  Company.  In the absence of
affirmative  action by the Holder hereof to purchase  shares of Common Stock, no
provision  hereof  shall  give  rise to any  liability  of such  Holder  for the
purchase  price or as a stockholder  of the Company,  whether such  liability is
asserted by the Company or by creditors of the Company.

      12. Payment of Taxes. The Company will pay all documentary stamp taxes, if
any,  attributable  to the  initial  issuance  of this  Warrant or the shares of
Common Stock comprising the Warrant Shares; provided, however, the Company shall
not be required to pay any tax that may be payable in respect of any transfer of
this Warrant or Warrant Shares.

      13. Amendment or Waiver. Any term of this Warrant may be amended or waived
only by an instrument in writing  signed by the party against which  enforcement
of the  change  or waiver is  sought.  No  waivers  of any  term,  condition  or
provision of this Warrant, in any one or more instances,  shall be deemed to be,
or construed as, a further or continuing  waiver of any such term,  condition or
provision.

      14.  Section  Headings.  The section  headings in this Warrant are for the
convenience of the parties and in no way alter, modify, amend, limit or restrict
the contractual obligations of the parties.

      15. Severability.  If any provision of this Warrant shall be held invalid,
illegal or unenforceable,  such invalidity, illegality or unenforceability shall
not affect any other  provision of this Warrant and, to this end, the provisions
hereof are severable.

      16.  Assignment.  This  warrant  shall be  binding  upon and  inure to the
benefit  of  the   parties   hereto  and  their   respective   heirs,   personal
representatives, successors and permitted assigns.

      17.  Governing  Law.  This  Warrant  will be governed by and  construed in
accordance with the internal laws of the State of Illinois (without reference to
the conflicts of law provisions thereof).

                                       9
<PAGE>

      18.  Facsimile  Signatures.  This  Warrant may be  executed  by  facsimile
signature.

         EXECUTED as of the Issue Date indicated above.

                                                    MOLECULAR DIAGNOSTICS, INC.

                                                    By:_________________________

                                                    Title:______________________

ATTEST:

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

                                       10
<PAGE>

                                                                       EXHIBIT I

                                  PURCHASE FORM

To:_________________                                          Dated:____________

         The  undersigned,  pursuant to the provisions set forth in the attached
Warrant (No. ___), hereby elects to purchase (check applicable box):

         ____ shares of the Common Stock of Molecular Diagnostics,  Inc. by such
Warrant; or

         the maximum  number of shares of Common  Stock  covered by such Warrant
pursuant to the cashless exercise procedure set forth in subsection 1(b).

         The  undersigned  herewith makes payment of the full purchase price for
such shares at the price per share  provided for in such  Warrant.  Such payment
takes the form of (check applicable box or boxes):

         $______ in lawful money of the United States; and/or

         the  cancellation  of  such  portion  of  the  attached  Warrant  as is
         exercisable  for a total of _____  Warrant  Shares (using a Fair Market
         Value of $_____ per share for purposes of this calculation) ; and/or

         the  cancellation of such number of Warrant Shares as is necessary,  in
         accordance  with the formula set forth in subsection  1(b), to exercise
         this  Warrant  with  respect to the  maximum  number of Warrant  Shares
         purchasable  pursuant to the cashless  exercise  procedure set forth in
         subsection 1(b).

                                                    Signature:__________________

                                                    Address:____________________

                                                            ____________________

                                       11
<PAGE>

                                                                      EXHIBIT II

                                 ASSIGNMENT FORM

         FOR  VALUE  RECEIVED,  ________________________________________  hereby
sells,  assigns and  transfers  all of the rights of the  undersigned  under the
attached Warrant (No. ____) with respect to the number of shares of Common Stock
of Molecular Diagnostics, Inc. covered thereby set forth below, unto:

Name of Assignee               Address              No. of Shares
----------------               -------              -------------

Dated:_____________________            Signature:_______________________________

Signature Guaranteed:

By:________________________

The signature should be guaranteed by an eligible guarantor  institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in
an approved  signature  guarantee  medallion  program)  pursuant to Rule 17Ad-15
under the Securities Exchange Act of 1934, as amended.

                                       12EXHIBIT 10.1

                                 PROMISSORY NOTE

                                  July 15, 2005

Jersey City, New Jersey                                               $6,000,000

      FOR VALUE RECEIVED,  the undersigned,  FALCON NATURAL GAS  CORPORATION,  a
Nevada  corporation  (the  "Company"),  promises  to pay the  Buyers  listed  on
Schedule I attached  hereto (the  "Lenders"),  the  principal sum of Six Million
U.S. Dollars and 00/100  ($6,000,000)  (the "Principal  Amount") and interest at
the annual rate of twelve  percent (12%) on the unpaid  balance  pursuant to the
following terms:

1.    Principal  and  Interest.  The face amount of this  Promissory  Note (this
"Note") plus twelve  percent (12%)  interest  shall be payable to the Lenders in
twenty-three (23) equal weekly installments of an aggregate of Two Hundred Fifty
Thousand Dollars ($250,000) and one (1) installment of an aggregate Five Hundred
Five Thousand Four Hundred  Fifty-Two  Dollars and Five Cents  ($505,452.05)  as
outlined in the Payment Schedule  attached  hereto,  the first of which shall be
due on the earlier of September 2, 2005,  or the first Friday after such date as
the  Company's   Registration   Statement  No.  333-124397  (the   "Registration
Statement") is declared  effective (the  "Effective  Date") by the United States
Securities and Exchange  Commission,  and shall be payable in full no later than
twenty-four  (24) weeks from  September 2, 2005,  or February  10,.  2006.In the
event the  weekly  installments  begin the first  Friday  after such date as the
Company's Registration Statement is declared effective,  the shall be amended to
reflect  the balance of  principal  (or the sum of Two  Hundred  Fifty  Thousand
Dollars  {$250,000})  and  interest  calculated  accordingly.  For  purposes  of
clarification,  and without  limiting the preceding  sentence,  the repayment of
this  Note  is in no  manner  contingent  on the  Registration  Statement  being
declared effective by the United States Securities and Exchange Commission.

If this  Note is not paid in full  when  due,  the  outstanding  principal  owed
hereunder shall be due and payable in full together with interest thereon at the
rate of  twenty-four  percent  (24%)  per  annum  or the  highest  permitted  by
applicable law, if lower.

2.    Right of Prepayment. Notwithstanding the payment(s) pursuant to Section 1,
the  Company  at its  option  shall  have the right to  prepay,  with  three (3)
business days advance  written notice,  a portion or all  outstanding  principal
plus outstanding Interest of this Note.

3.    Fees.  The Lenders  shall be entitled to a cash fee equal to eight percent
(8%) of the  gross  amount  of this  Note  as well as a  structuring  fee of Ten
Thousand Dollars ($10,000).

4.    Waiver and Consent.  To the fullest extent  permitted by law and except as
otherwise  provided  herein,  the Company waives demand,  presentment,  protest,
notice of dishonor,  suit against or joinder of any other person,  and all other
requirements necessary to charge or hold the Company liable with respect to this
Note.

5.    Costs,  Indemnities  and  Expenses.  In the event of default as  described
herein,  the Company agrees to pay all reasonable fees and costs incurred by the
Lenders in  collecting or securing or attempting to collect or secure this Note,
including  reasonable  attorneys'  fees and  expenses,  whether or not involving
litigation,  collecting  upon  any  judgments  and/or  appellate  or  bankruptcy
proceedings.  The Company agrees to pay any documentary stamp taxes,  intangible
taxes  or other  taxes  which  may now or  hereafter  apply to this  Note or any
payment made in respect of this Note,  and the Company  agrees to indemnify  and
hold the Lenders  harmless  from and against any  liability,  costs,  attorneys'
fees,  penalties,  interest or expenses  relating to any such taxes, as and when
the same may be incurred.

                                       1
<PAGE>

6.    Event of Default.  An "Event of Default"  shall be deemed to have occurred
upon the occurrence of any of the following: (i) the Company should fail for any
reason  or for no  reason  to make any  payment  of the  interest  or  principal
pursuant to this Note within ten (10) days of the date due as prescribed herein;
(ii) the Company shall fail to observe or perform any other covenant,  agreement
or warranty  contained in, or otherwise commit any material breach or default of
any material  provision  of this Note or any of the  Transaction  Documents  (as
defined herein),  which is not cured within ten (10) days notice of the default;
(iii) the Company or any  subsidiary  of the Company  shall  commence,  or there
shall be commenced  against the Company or any  subsidiary  of the Company under
any  applicable  bankruptcy or insolvency  laws as now or hereafter in effect or
any successor thereto, or the Company or any subsidiary of the Company commences
any other proceeding under any reorganization,  arrangement, adjustment of debt,
relief of debtors, dissolution,  insolvency or liquidation or similar law of any
jurisdiction  whether now or hereafter in effect  relating to the Company or any
subsidiary  of the  Company or there is  commenced  against  the  Company or any
subsidiary of the Company any such  bankruptcy,  insolvency or other  proceeding
which  remains  undismissed  for a period  of 61  days;  or the  Company  or any
subsidiary of the Company is adjudicated  insolvent or bankrupt; or any order of
relief or other order  approving any such case or proceeding is entered;  or the
Company  or any  subsidiary  of  the  Company  suffers  any  appointment  of any
custodian,  private  or  court  appointed  receiver  or the  like  for it or any
substantial part of its property which continues  undischarged or unstayed for a
period of sixty one (61) days;  or the Company or any  subsidiary of the Company
makes a general  assignment for the benefit of creditors;  or the Company or any
subsidiary of the Company shall fail to pay, or shall state that it is unable to
pay, or shall be unable to pay,  its debts  generally as they become due; or the
Company or any  subsidiary  of the Company shall call a meeting of its creditors
with a view to  arranging a  composition,  adjustment  or  restructuring  of its
debts;  or the  Company or any  subsidiary  of the  Company  shall by any act or
failure to act expressly indicate its consent to, approval of or acquiescence in
any of the  foregoing;  or any corporate or other action is taken by the Company
or any  subsidiary  of the  Company  for the  purpose  of  effecting  any of the
foregoing;  (iv) the Common  Stock of the  Company  shall cease to be quoted for
trading or listed for trading on the National  Association of Securities Dealers
Inc.'s Over the Counter Bulletin Board,  Nasdaq SmallCap Market,  New York Stock
Exchange,  American  Stock  Exchange  or the Nasdaq  National  Market  (each,  a
"Subsequent Market") and shall not again be quoted or listed for trading thereon
within five (5) Trading Days of such  delisting;  or (v) a breach by the Company
of its  obligations,  or an  event  of  default,  under  any of the  Transaction
Documents,  or any other  agreements  entered  into  between the Company and the
Lenders which is not cured by any applicable cure period set forth therein.

Upon an Event of Default (as defined above),  the entire  principal  balance and
accrued interest  outstanding  under this Note, and all other obligations of the
Company under this Note, shall be immediately due and payable without any action
on the part of the  Lenders,  interest  shall  accrue  on the  unpaid  principal
balance at twenty four percent (24%) or the highest rate permitted by applicable
law, if lower,  and the Lenders  shall be entitled to seek and institute any and
all remedies available to it.

7.    Maximum  Interest Rate. In no event shall any agreed to or actual interest
charged,  reserved or taken by the Lenders as consideration for this Note exceed
the limits imposed by New Jersey law. In the event that the interest  provisions
of this Note shall result at any time or for any reason in an effective  rate of
interest  that exceeds the maximum  interest rate  permitted by applicable  law,
then without further agreement or notice the obligation to be fulfilled shall be
automatically  reduced to such  limit and all sums  received  by the  Lenders in
excess of those lawfully  collectible  as interest shall be applied  against the
principal of this Note immediately  upon the Lenders' receipt thereof,  with the
same force and effect as though the Company  had  specifically  designated  such
extra sums to be so applied to  principal  and the  Lenders had agreed to accept
such extra payment(s) as a premium-free prepayment or prepayments.

                                       2
<PAGE>

8.    Secured Nature of the Note.  This Note is secured by the Pledged  Property
as defined in the Pledge and Escrow  Agreement  entered  into by and between the
Company and the Lenders dated the date hereof, as well as the Security Agreement
entered  into by and between the Company  and Cornell  Capital  Partners,  LP on
April 19, 2005.

9.    Cancellation  of Note.  Upon the  repayment  by the  Company of all of its
obligations  hereunder  to  the  Lenders,  including,  without  limitation,  the
principal  amount  of  this  Note,  plus  accrued  but  unpaid   interest,   the
indebtedness  evidenced hereby shall be deemed canceled and paid in full. Except
as  otherwise  required  by law or by the  provisions  of  this  Note,  payments
received by the Lenders  hereunder  shall be applied first against  expenses and
indemnities,  next against  interest accrued on this Note, and next in reduction
of the outstanding principal balance of this Note.

10.   Severability. If any provision of this Note is, for any reason, invalid or
unenforceable,  the remaining provisions of this Note will nevertheless be valid
and enforceable and will remain in full force and effect.  Any provision of this
Note that is held invalid or unenforceable by a court of competent  jurisdiction
will be deemed modified to the extent necessary to make it valid and enforceable
and as so modified will remain in full force and effect.

11.   Amendment and Waiver.  This Note may be amended,  or any provision of this
Note may be waived,  provided that any such  amendment or waiver will be binding
on a party  hereto  only if such  amendment  or waiver is set forth in a writing
executed by the parties hereto.  The waiver by any such party hereto of a breach
of any  provision  of this Note shall not operate or be construed as a waiver of
any other breach.

12.   Successors.  Except as otherwise provided herein, this Note shall bind and
inure to the  benefit  of and be  enforceable  by the  parties  hereto and their
permitted successors and assigns.

13.   Assignment.  This Note shall not be directly or  indirectly  assignable or
delegable  by the  Company.  The  Lenders  may assign  this Note as long as such
assignment complies with the Securities Act of 1933, as amended.

14.   No Strict  Construction.  The language used in this Note will be deemed to
be the language chosen by the parties hereto to express their mutual intent, and
no rule of strict construction will be applied against any party.

15.   Further Assurances.  Each party hereto will execute all documents and take
such  other  actions  as the other  party  may  reasonably  request  in order to
consummate the  transactions  provided for herein and to accomplish the purposes
of this Note.

16.   Notices,   Consents,  etc.  Any  notices,   consents,   waivers  or  other
communications  required or permitted to be given under the terms hereof must be
in writing and will be deemed to have been  delivered:  (i) upon  receipt,  when
delivered  personally;  (ii)  upon  receipt,  when sent by  facsimile  (provided
confirmation of transmission  is  mechanically or  electronically  generated and
kept on file by the sending  party);  or (iii) one (1) trading day after deposit
with a nationally  recognized  overnight delivery service, in each case properly
addressed to the party to receive the same. The addresses and facsimile  numbers
for such communications shall be:

If to Company:                          Falcon Natural Gas Corporation
                                        Westchase Center
                                        2500 Citywest Boulevard, Suite 300
                                        Houston, TX  77019
                                        Attention:   Massimiliano Pozzoni
                                                     Vice President
                                        Telephone:   (832) 476-8699
                                        Facsimile:   (713) 456-2581

                                       3
<PAGE>

With a copy to:                         Kirkpatrick Lockhart Nicholson & Graham
                                        201 South Biscayne Boulevard - Suite
                                        2000
                                        Miami, FL  33131-2399
                                        Attention:   Clayton E. Parker, Esq.
                                        Telephone:   (305) 539-3300
                                        Facsimile:   (305) 358-7095

If to the Lenders:                      Cornell Capital Partners, LP
                                        101 Hudson Street, Suite 3700
                                        Jersey City, NJ 07302
                                        Attention:   Mark A. Angelo
                                        Telephone:   (201) 985-8300
                                        Facsimile:   (201) 985-8266

                                        Highgate House Funds, Ltd.
                                        488 Madison Avenue, 12th Floor
                                        New York, NY  10022
                                        Attention:   Adam Gottbetter
                                        Telephone:   (212) 400-6900
                                        Facsimile:   (212) 400-6901

With a copy to:                         David Gonzalez, Esq.
                                        101 Hudson Street, Suite 3700
                                        Jersey City, NJ 07302
                                        Telephone:   (201) 985-8300
                                        Facsimile:   (201) 985-8266

or at such other address and/or facsimile number and/or to the attention of such
other person as the  recipient  party has  specified by written  notice given to
each other  party  three (3)  trading  days prior to the  effectiveness  of such
change.  Written  confirmation  of receipt  (A) given by the  recipient  of such
notice,   consent,   waiver  or  other   communication,   (B)   mechanically  or
electronically  generated by the sender's facsimile machine containing the time,
date,  recipient  facsimile  number  and an  image  of the  first  page  of such
transmission  or (C)  provided by a  nationally  recognized  overnight  delivery
service, shall be rebuttable evidence of personal service,  receipt by facsimile
or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively.

17.   Remedies, Other Obligations, Breaches and Injunctive Relief. The Lenders's
remedies  provided in this Note shall be cumulative and in addition to all other
remedies  available  to the  Lenders  under  this  Note,  at  law  or in  equity
(including a decree of specific  performance and/or other injunctive relief), no
remedy of the Lenders  contained  herein shall be deemed a waiver of  compliance
with the  provisions  giving rise to such remedy and nothing  herein shall limit
the Lenders's  right to pursue actual  damages for any failure by the Company to
comply with the terms of this Note. No remedy conferred under this Note upon the
Lenders  is  intended  to be  exclusive  of any other  remedy  available  to the
Lenders,  pursuant to the terms of this Note or otherwise.  No single or partial
exercise by the Lenders of any right,  power or remedy  hereunder shall preclude
any other or further  exercise  thereof.  The failure of the Lenders to exercise
any right or remedy under this Note or otherwise,  or delay in  exercising  such
right or remedy,  shall not operate as a waiver thereof.  Every right and remedy
of the Lenders under any document  executed in connection with this  transaction
may be  exercised  from time to time and as often as may be deemed  expedient by
the Lenders.  The Company  acknowledges  that a breach by it of its  obligations
hereunder will cause  irreparable harm to the Lenders and that the remedy at law
for any such breach may be inadequate. The Company therefore agrees that, in the
event of any such breach or threatened breach, the Lenders shall be entitled, in
addition to all other  available  remedies,  to an  injunction  restraining  any
breach, and specific  performance without the necessity of showing economic loss
and without any bond or other security being required.

                                       4
<PAGE>

18.   Governing Law;  Jurisdiction.  All questions  concerning the construction,
validity,  enforcement and interpretation of this Agreement shall be governed by
the  internal  laws of the State of New  Jersey,  without  giving  effect to any
choice of law or conflict of law  provision or rule (whether of the State of New
Jersey or any other  jurisdictions) that would cause the application of the laws
of any  jurisdictions  other than the State of New  Jersey.  Each  party  hereby
irrevocably  submits to the exclusive  jurisdiction of the Superior Court of the
State of New Jersey sitting in Hudson  County,  New Jersey and the United States
Federal  District  Court for the District of New Jersey  sitting in Newark,  New
Jersey, for the adjudication of any dispute hereunder or in connection  herewith
or therewith,  or with any transaction  contemplated hereby or discussed herein,
and hereby  irrevocably  waives, and agrees not to assert in any suit, action or
proceeding,  any claim that it is not personally  subject to the jurisdiction of
any  such  court,  that  such  suit,  action  or  proceeding  is  brought  in an
inconvenient  forum or that the  venue of such  suit,  action or  proceeding  is
improper.  Each party hereby  irrevocably waives personal service of process and
consents  to process  being  served in any such suit,  action or  proceeding  by
mailing a copy thereof to such party at the address for such notices to it under
this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof.  Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law.

19.   No  Inconsistent  Agreements.  None of the parties  hereto will  hereafter
enter into any agreement,  which is inconsistent  with the rights granted to the
parties in this Note.

20.   Third Parties. Nothing herein expressed or implied is intended or shall be
construed to confer upon or give to any person or entity, other than the parties
to this Note and their respective permitted successor and assigns, any rights or
remedies under or by reason of this Note.

21.   Waiver of Jury Trial. AS A MATERIAL  INDUCEMENT FOR THE LENDERS TO LOAN TO
THE COMPANY THE MONIES  HEREUNDER,  THE COMPANY HEREBY WAIVES ANY RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING  RELATED IN ANY WAY TO THIS AGREEMENT AND/OR ANY
AND ALL OF THE OTHER DOCUMENTS ASSOCIATED WITH THIS TRANSACTION.

22.   Entire Agreement.  This Note (including any recitals hereto) set forth the
entire  understanding  of the parties with respect to the subject matter hereof,
and shall not be  modified  or affected  by any offer,  proposal,  statement  or
representation, oral or written, made by or for any party in connection with the
negotiation of the terms hereof,  and may be modified only by instruments signed
by all of the parties hereto.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       5
<PAGE>

IN WITNESS  WHEREOF,  this  Promissory Note is executed by the undersigned as of
the date hereof.

                                        FALCON NATURAL GAS CORPORATION

                                        By: /s/ Massimiliano Pozzoni
                                        ----------------------------
                                        Name:   Massimiliano Pozzoni
                                        Title:  Vice President

                                       6

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