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                                                                   EXHIBIT 10.39

          CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST
            FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE
         SECURITIES EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED
                              WITH THE COMMISSION.

                                LICENSE AGREEMENT

         This License Agreement is entered into and made effective (the
"EFFECTIVE DATE") as of the latter of the dates on which EASTERN VIRGINIA
MEDICAL SCHOOL and ACSENTIENT, INC. has executed this agreement, by and between
Eastern Virginia Medical School ("LICENSOR") located at 825 Fairfax Avenue,
Norfolk, Virginia 23507, U.S.A., and AcSentient Inc., a Delaware corporation
("LICENSEE") located at 209 Chalon Drive, Cary, North Carolina 27511, with
respect to the facts set forth below.

                                    RECITALS

         A.       Licensor is engaged in fundamental scientific research
including research relating to Topical Formulation(s) Containing Aminocaproic
Acid and uses thereof.

         B.       Licensee is engaged in research, development and
commercialization of ophthalmolic technology.

         C.       Licensor has disclosed to Licensee certain technology
described in Exhibit A and incorporated herein by reference (the "PATENT AND
TRADEMARK SCHEDULE").

         D.       Licensor has the exclusive right to grant a license to the
technology and Trademark described in "Parent and Trademark Schedule", subject
to certain rights of the U.S. Government to use such technology for its own
purposes, resulting from the receipt by Licensor of certain funding from the
U.S. Government.

         E. Licensor desires to grant to Licensee, and Licensee wishes to
acquire, an exclusive worldwide right and license to the technology and
Trademark described in the "Patent and Trademark Schedule" and to certain parent
rights and know-how of Licensor with respect thereto, subject to the terms and
conditions set forth herein, with a view to developing and marketing therapeutic
products within the Field (as defined below).

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the mutual covenants and conditions
set forth herein, Licensor and Licensee hereby agree as follows:

         1.       Definitions.

                  1.1 Affiliate. The term "AFFILIATE" shall mean any entity
which directly or indirectly controls, is controlled by or is under common
control with Licensee. The term "CONTROL" as used herein means direct or
indirect beneficial ownership of at least fifty percent (50%) of the voting
stock in the case of a corporation, or of the rights to receive distributable
net income, in the

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case of any other business entity, whether through the ownership of a majority
of the outstanding voting securities or by contract or otherwise.

                  1.2 Confidential Information. The term "CONFIDENTIAL
INFORMATION" shall mean any and all proprietary or confidential information of
Licensor or Licensee, as applicable, which may be exchanged between the parties
at any time and from time to time during the term of this Agreement. Information
to treated as "confidential" shall be marked "confidential" at the time of
disclosure. Information that is disclosed orally or visually shall be identified
as "confidential" at the time of disclosure and its confidential status shall be
confirmed in writing within 20 days of disclosure. Information shall not be
considered confidential to the extent that it:

                           a.       Is publicly disclosed through no fault of
any party hereto, either before or after it becomes known to the receiving
party; or

                           b.       Was known to the receiving party prior to
the date of this Agreement as clearly established by the receiving party's
records, which knowledge was acquired independently and not from another party
hereto (or such party's employees); or

                           c.       Is subsequently disclosed to the receiving
party in good faith by a third party who has a right to make such disclosure; or

                           d.       Has been published by a third party as a
matter of right and such publication does not violate any confidentiality
obligation.

                  1.3 Field. The term "FIELD" shall mean topical formulation(s)
containing aminocaproic acid, the method to produce and apply the topical
formulation(s) and all ophthalmic uses of the topical formulation(s).

                  1.4 Know-How. The term "KNOW-HOW" shall mean all non-public
materials, information, data and other know-how related thereto whether or not
the same is eligible for protection under the patent laws of the United States
or elsewhere, and whether or not any such processes and technology, or
information related thereto, would be enforceable as a trade secret or the
copying of which would be enjoined or restrained by a court as constituting
unfair competition, which are related to the Field and are necessary or useful
for Licensee to use, develop or market the Licensed Products or seek regulatory
approval therefor.

                  1.5 Licensed Product. The term "LICENSED PRODUCT" shall mean
any product, the development, manufacture, use, sale or offer for sale of which
would, but for the rights granted under this Agreement, infringe one or more
pending or issued claims of Licensor Patent and Trademark Rights in any country,
or the sale or marketing of which would infringe Licensor Trademark in any
country.

                  1.6      Net Sales. The term "NET SALES" shall mean the gross
amount invoiced by Licensee, or its Affiliates and sublicensees, or any of them,
on all sales of Licensed Products,less: (i) trade discounts earned or granted
for quantity purchases, prompt payment discounts and cash discounts, to the
extent actually allowed, (ii) credits for claims, allowances, retroactive price
reductions, rejections, returned goods or billing errors, to the extent actually
allowed, (iii) custom duties, if any, prepaid freight and insurance, and (iv)
sales taxes or other governmental charges actually paid in connection with sales
of Licensed Products (but excluding what is commonly known as income taxes). For
purposes of determining Net Sales, a sale shall be deemed to have occurred when
an invoice therefor shall be generated by the Licensee and the Licensed Product
has been shipped for delivery. Sales of Licensed Products by Licensee, or an
Affiliate or sublicensee of Licensee to any Affiliate or sublicensee which is a
reseller thereof shall be excluded, and only the subsequent sale of such
Licensed Products by Affiliates or sublicensees of Licensee to unrelated parties
shall be deemed Net Sales hereunder.

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        2

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

                  1.7 Licensor Patent and Trademark Rights. The term "LICENSOR
PATENT AND TRADEMARK RIGHTS" shall mean (i) any and all U.S. and foreign patent
and trademark applications covering Licensor Technology and/or Licensor
Trademarks owned by or assignable to the Licensor, as set forth in Exhibit A
attached hereto and incorporated herein by reference, (ii) the granted patents
and/or registered trademarks proceeding from such applications, (iii) all
divisions, continuations, continuations-in-part, reissues, reexaminations,
extensions and additions thereof, and (iv) rights, at common law or otherwise,
in Licensor Trademark, so long as said patents and/or trademarks have not been
held invalid and/or unenforceable by a court of competent jurisdiction from
which there is no appeal or, if appealable, from which no appeal has been taken.

                  1.8 Licensor Technology. The term "LICENSOR TECHNOLOGY" shall
mean, collectively, the Licensor Patent and Trademark Rights and Know-How and
all enhancements and improvements thereto made by Licensor during the term of
this Agreement.

                  1.9      Licensor Trademark. The term "LICENSOR TRADEMARK"
shall mean the trademark disclosed in Exhibit A attached hereto and incorporated
herein by reference.

         2.       License Terms and Conditions.

                  2.1 Grant of License. Licensor hereby grants to Licensee the
exclusive, worldwide license, including the right to sublicense, to Licensor
Technology, to make, to have made, to use, to offer for sale and to sell
Licensed Products in the Field, and to use the Licensor Trademark on or in
association with such Licensed Products, subject to the terms of this Agreement.

                  2.2 Initial Royalty. In partial consideration for the rights
granted under this Agreement, Licensee shall pay to Licensor a nonrefundable
royalty on the Effective Date in the amount of Sixty-Five Thousand Dollars
($65,000). The royalty described in this Section 2.2 is consideration for the
grant and continuation of the license hereunder, and Licensor shall have no
obligation to return any portion of such royalty for any reason.

                  2.3      Running Royalties.

                           2.3.1    Percentage Royalty. As additional
consideration for the rights granted under this Agreement, Licensee shall pay to
Licensor a running royalty on a country-by-country basis in the amount of [ * ]
of Net Sales of Licensed Products.

                  2.4      Combination Products.

                           2.4.1    Definition of Combination Product. As used
herein, the term "COMBINATION PRODUCT" shall mean a Licensed Product sold by
Licensee in a formulation which contains one or more additional Active
Ingredients which are the subject of granted patents owned by or assigned to
Licensee. For the purposes of this Agreement, "Active Ingredient" shall mean any

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        3

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composition of matter approved by the United States Food and Drug Administration
for the treatment of the same indication(s) as Licensed Product.

                           2.4.2    Royalty Payable on Combination Products. The
royalty payable on Combination Products shall be the royalty rate set forth in
Section 2.2.1 above based on a pro rata portion of Net Sales of Combination
Products in accordance with the following formula:

                                 X = A/B, where

                  X = the pro rata portion of Net Sales attributable to Licensor
Patent Rights or other Licensor Technology licensed herein (expressed as a
percentage), and

                  A = the fair market value of the component in the Combination
Product utilizing Licensor Technology licensed hereunder, and

                  B = A plus the fair market value of one or more additional
Active Ingredients components.

                  The fair market values described above shall be determined by
the parties hereto in good faith. In the absence of agreement as to the fair
market value of all of the components contained in a Combination Product, the
fair market value of each component shall be determined by arbitration in
accordance with the provisions of Section 10.2 hereof.

                  2.5      Quarterly Payments.

                           2.5.1    Sales by Licensee. With regard to Net Sales
made by Licensee or its Affiliates, royalties shall be payable by Licensee
quarterly, within [ * ] after the end of each calendar quarter during the term
of this Agreement, based upon the Net Sales of Licensed Products and Combination
Products during such preceding calendar quarter, commencing with the calendar
quarter in which the first commercial sale of any Licensed Product or
Combination Product is made.

                           2.5.2    Sales by Sublicensees. With regard to Net
Sales made by sublicensees of Licensee or its Affiliates, royalties shall be
payable by Licensee quarterly, within [ * ] after the end of each calendar
quarter, based upon the Net Sales of Licensed Products and Combination Products
by such sublicensee during such preceding calendar quarter, commencing with the
calendar quarter in which the first commercial sale of any Licensed Product is
made by such sublicensee.

                  2.6 Term of License. Unless terminated sooner in accordance
with the provisions of this Agreement, the term of this Agreement shall expire
when the last of the royalty obligations set forth in Section 2.8 has expired.
Notwithstanding the foregoing, if applicable government regulations require a
shorter term and/or a shorter term of exclusivity than provided for herein, then
(i) the term of this Agreement shall be so shortened or this Agreement shall be
amended to provide for a non-exclusive license, and, in such event, the parties
shall negotiate in good faith to reduce appropriately the royalties payable as
set forth under the section heading "Royalties" hereof or (ii) this Agreement
may be terminated at the sole option of the Licensee.

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        4

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                  2.7 Sublicense, Assignment or Transfer. Licensee shall not
have the right to grant sublicenses to any party with respect to the rights
conferred upon Licensee under this Agreement, without the prior written
authorization of Licensor. Any such sublicense shall be subject in all respects
to the restrictions, exceptions, obligations, reports, termination provisions,
and other provisions contained in this Agreement. Licensee shall pay Licensor
royalties of all Net Sales of such sublicensee in accordance with Section 2.3 of
this agreement, the same as if said Net Sales had been made by Licensee;
provided, however, that sales of Licensed Products by Licensee to a sublicensee
which is a reseller shall be excluded from Net Sales, and only the subsequent
sale of such Licensed Products by such sublicensee to an unrelated party shall
be deemed to be Net Sales hereunder. Licensee shall pay Licensor [ * ] of all
income or other compensation, equity or otherwise, received or provided to
Licensee as a result of any transfer or assignment.

                  2.8 Duration of Royalty Obligations. The royalty obligations
of Licensee as to each Licensed Product shall terminate on a country-by-country
basis concurrently with the expiration of the last to expire of Licensor Patent
and Trademark Rights utilized by or in such Licensed Product in each such
country.

                  2.9 Reports. Licensee shall furnish to Licensor at the same
time as each royalty payment is made by Licensee, a detailed written report of
Net Sales of the Licensed Products and Combination Products and the royalty due
and payable thereon, including a description of any offsets or credits deducted
therefrom, on a product-by-product and country-by-country basis, for the
calendar quarter upon which the royalty payment is based.

                  2.10 Records. Licensee shall keep, and cause its Affiliates
and sublicensees to keep, full, complete and proper records and accounts of all
sales of Licensed Products in sufficient detail to enable the royalties payable
on Net Sales of each Licensed Product and Combination Product to be verified.
Licensor shall have the right to appoint an independent certified public
accounting firm approved by Licensee, which approval shall not be unreasonably
withheld, to audit and copy the records of Licensee, its Affiliates and
sublicensees as necessary to verify the royalties payable pursuant to this
Agreement. Licensee, its Affiliates and sublicensees shall pay to Licensor an
amount equal to any additional royalties to which Licensor is entitled as
disclosed by the audit, plus interest thereon at the rate of [ * ] per month.
Such audit shall be at Licensor's expense; provided, however, that if the audit
discloses that Licensor was underpaid royalties with respect to any Licensed
Product by at least [ * ] for any calendar quarter, then Licensee, its
Affiliates or sublicensee, as the case may be, shall reimburse Licensor for any
such audit costs. Licensor may exercise its right of audit as to each of
Licensee, its Affiliates or sublicensees no more frequently than once in any
calendar year. The accounting firm shall disclose to Licensor only information
relating to the accuracy of the royalty payments. Licensee, its Affiliates and
sublicensees shall preserve and maintain all such records required for audit for
a period of [ * ] [ * ] after the calendar quarter to which the record applies.

                  2.11 Foreign Sales. The remittance of royalties payable on Net
Sales outside the United States shall be payable to Licensor in United States
Dollar equivalents at the official rate of exchange of the currency of the
country from which the royalties are payable, as quoted in the Wall Street
Journal for the last business day of the calendar quarter in which the royalties
are payable. If the transfer of or the conversion into the United States Dollar
equivalents of any such remittance in any such instance is not lawful or
possible, the payment of such part of the royalties as is necessary shall be
made by the deposit thereof, in the currency of the county where the sale was
made on which the royalty was based to the credit and account of Licensor or its
nominee in any commercial bank or

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        5

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trust company of Licensor's choice located in that country, prompt written
notice of which shall be given by Licensee to Licensor.

                  2.12 Foreign Taxes. Any tax required to be withheld by
Licensee under the laws of any foreign country for the accounts of Licensor
shall be promptly paid by Licensee for and on behalf of Licensor to the
appropriate governmental authority, and Licensee shall use its best efforts to
furnish Licensor with proof of payment of such tax together with official or
other appropriate evidence issued by the applicable government authority. Any
such tax actually paid on Licensor's behalf shall be deducted from royalty
payments due Licensor.

         3.       Patent and Trademark Matters.

                  3.1 Patent and Trademark Prosecution and Maintenance. From and
after the Effective Date, the provisions of this Section 3 shall control the
prosecution and maintenance of any patent and/or trademark included within
Licensor Patent and Trademark Rights. Subject to the requirements, limitations
and conditions set forth in this Agreement, Licensor shall (i) own, prepare,
file and prosecute the United States and foreign patent and trademark
applications within Licensor Patent and Trademark Rights (including any
interferences and foreign oppositions), (ii) maintain the patents and trademarks
issuing therefrom (and file extensions thereto upon request of Licensee) and
(iii) direct and control all activities conducted pursuant to the foregoing
clauses (i) and (ii). Licensor shall select the patent attorney, subject to
Licensee's written approval, which approval shall not be unreasonably withheld.
Licensee shall have full rights of consultation with the patent attorney so
selected on all matters relating to Licensor Patent and Trademark Rights.
Licensor shall use its best efforts to implement all reasonable requests made by
Licensee with regard to the preparation, filing, prosecution and/or maintenance
of the patent and trademark applications and/or patents and trademarks within
Licensor Patent and Trademark Rights, but it is understood that Licensor is not
obligated to implement such Licensee requests. In no event, however, shall
Licensor file or prosecute a patent application for Licensor Patent and
Trademark Rights when Licensee has demonstrated to Licensor's satisfaction that
the patent application filing or prosecution would be prejudicial to plans for
worldwide development and commercialization of the Licensor Technology.

                  3.2 Information to Licensee. Licensor shall keep Licensee
informed with regard to the patent and/or trademark application and maintenance
processes. Licensor shall deliver to Licensee copies of all patent and/or
trademark applications, amendments, related correspondence, and other related
matters.

                  3.3 Patent and Trademark Costs. Licensee acknowledges and
agrees that Licensor does not have independent funding to cover patent and
trademark costs, and that the license granted hereunder is in part in
consideration for Licensee's assumption of the costs and expenses as described
herein. Licensee shall pay for all reasonable expenses incurred by Licensor
pursuant to Section 3.1 hereof. Licensee agrees to pay all future patent and
trademark expenses directly or to reimburse Licensor for the payment of such
expenses. In the event Licensee gives written notice to Licensor that Licensee
elects to discontinue payment for the filing, prosecution and/or maintenance of
any patent or trademark application, any such application and/or patent and
trademark shall be excluded from the definition of Licensor Patent and Trademark
Rights and from the scope of the license granted under this Agreement, and all
rights relating thereto shall revert to Licensor and may be freely licensed by
Licensor, and Licensee shall have no rights thereunder. Licensee shall give
Licensor at least [ * ] prior written notice of such election. No such notice
shall have any effect on Licensee's obligations to pay expenses incurred up to
the effective date of such election.

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        6

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                  3.4 Ownership. The patent and trademark applications filed and
the patents and trademarks obtained by Licensor pursuant to Section 3.1 hereof
shall be owned solely by Licensor, assigned to Licensor and deemed a part of
Licensor Patent and Trademark Rights.

                  3.5 Licensor Right to Pursue Patent and/or Trademark. If at
any time during the term of this Agreement, Licensee's rights with respect to
Licensor Patent and Trademark Rights are terminated, Licensor shall have the
right to take whatever action Licensor deems appropriate to obtain or maintain
the corresponding patent and/or trademark protection at its own expense. If
Licensor pursues patents under this Section 3.5, Licensee agrees to reasonably
cooperate, including by providing, at no charge to Licensor, all appropriate
technical data and executing all necessary legal documents.

                  3.6      Infringement Actions.

                           3.6.1    Prosecution and Defense of Infringements. In
order to maintain the license granted hereunder in force, Licensee shall
prosecute any and all infringements of any Licensor Patent and Trademark Rights
and shall defend all charges of infringement arising as a result of the exercise
of Licensor Patent and Trademark Rights by Licensee, its Affiliates or
sublicensees, unless otherwise agreed to between Licensor and Licensee. Licensee
may enter into settlements, stipulated judgments or other arrangements
respecting such infringement, at its own expense, but only with the prior
written consent of Licensor, which consent shall not be unreasonably withheld.
Licensor shall permit any action to be brought in its name if required by law,
and Licensee shall hold Licensor harmless from any costs, expenses of liability
respecting all such infringements or charges of infringement. Licensor agrees to
provide, at a reasonable hourly rate of compensation, all reasonable assistance
of a technical nature which Licensee may require in any litigation arising in
accordance with the provisions of this Section 3.6.1 for which Licensee shall
reimburse Licensor's out-of-pocket expenses. In the event Licensee fails to
prosecute any such infringement, Licensee shall notify Licensor in writing
promptly and Licensor shall have the right to prosecute such infringement on its
own behalf. Failure on the part of Licensee to prosecute any such infringement
that Licensor subsequently elects to prosecute on its own behalf shall be
grounds for termination of the license granted to Licensee hereunder, at the
option of Licensor.

                           3.6.2    Credit; Allocation of Recovery. Any damages
or other recovery from an infringement action undertaken by Licensee pursuant to
Section 3.6.1 shall be used first, to reimburse the parties for the costs and
expenses incurred in such action (including reasonable attorneys' fees) and
thereafter, shall be allocated between the parties as follows: (i) [ * ] to
Licensor and (ii) [ * ] to Licensee. If Licensee fails to prosecute any such
action to completion, then any damages or other recovery net of the parties,
costs and expenses incurred in such infringement action shall be the sole
property of Licensor.

         4.       Obligations Related to Commercialization.

                  4.1 Commercial Development Obligation. In order to maintain
the license granted hereunder in force, Licensee shall use reasonable efforts
and due diligence to develop Licensor Technology and Licensor Patent and
Trademark Rights which are licensed hereunder into commercially viable Licensed
Products, as promptly as is reasonably and commercially feasible, and thereafter
to produce and sell reasonable quantities of Licensed Products. Licensee shall
propose a Development Plan (Exhibit B) and shall keep Licensor generally
informed as to Licensee's progress in such development, production and sale,
including its efforts, if any, to sublicense Licensor

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        7

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Technology and Licensor Patent and Trademark Rights, and Licensee shall deliver
to Licensor a quarterly written report and such other reports as Licensor may
reasonably request. The parties hereto acknowledge and agree that achievement of
the milestones described in Exhibit B attached hereto on or before the dates set
forth therein shall be evidence of compliance by Licensee with its commercial
development obligations hereunder for the time periods specified in Exhibit B.
In the event Licensor has a reasonable basis to believe that Licensee is not
using reasonable efforts and due diligence as required hereunder, upon notice by
Licensor to Licensee which specifies the basis for such belief, Licensor and
Licensee shall negotiate in good faith to attempt to mutually resolve the issue.
In the event Licensor and Licensee cannot agree upon any matter related to
Licensee's commercial development obligations, the parties agree to utilize
arbitration pursuant to Section 10.2 hereof in order to resolve the matter. If
the arbitrator determines that Licensee has not complied with its obligations
hereunder, and such default is not cured within [ * ] after the arbitrator's
decision, Licensor may terminate Licensee's rights under this Agreement.

                  4.2 Governmental Approvals and Marketing of Licensed Products.
Licensee shall be responsible for obtaining all necessary governmental approvals
for the development, production, distribution, sale and use of any Licensed
Product, at Licensee's expense, including, without limitation, any safety and
efficacy studies. Licensor shall provide such materials, information and
assistance as may be reasonably requested by Licensee to obtain such
governmental approvals. Licensee shall have sole responsibility for any warning
labels, packaging and instructions as to the use of Licensed Products or
Combination Products and for the quality control for any Licensed Product or
Combination Products.

                  4.3 Indemnity. Licensee hereby agrees to indemnify, defend and
hold harmless Licensor and any parent, subsidiary or other affiliated entity and
their trustees, officers, employees, scientists and agents from and against any
liability or expense arising from any product liability claim asserted by any
party as to any Licensed Product or Combination Products or any claims arising
from the use of any Licensor Patent and Trademark Rights or Licensor Technology
pursuant to this Agreement. Such indemnity and defense obligation shall apply to
any product liability or other claims, including without limitation, personal
injury, death or property damage, made by employees, subcontractors,
sublicensees, or agents of Licensee, as well as any member of the general
public. Licensee shall have the right to defend such a claim with counsel of its
own choosing. Licensee shall have Licensor and any parent, subsidiary or other
affiliated entity and their trustees, officers, employees, scientists and agents
named as additional insured parties on any product liability insurance policies
maintained by Licensee, its Affiliates and sublicensees applicable to Licensed
Products or Combination Products.

                           4.3.1    Insurance Requirements. The LICENSEE agrees
that it will secure General Liability or Products Liability Insurance covering
the sale and use of Licensed Products, and will require its underwriters to name
the LICENSOR as an additional insured under the policies. The LICENSEE shall
provide to the LICENSOR copies of the policies of insurance within 30 days of
issuance of the coverages. The LICENSEE agrees to obtain and maintain in effect
so long as it sells or offers the same for sale, general liability insurance
extending to bodily injury and/or property damage with limits of one million
dollars ($1,000,000) per occurrence with no annual aggregate, and to products
liability with limits of one million dollars ($1,000,000) per occurrence with no
annual aggregate. These policy coverages shall be purchased from and issued by a
carrier (or carriers) licensed to do business in States specified by the
LICENSOR, and shall extend to the obligations of indemnification assumed by the
LICENSEE pursuant to the terms of this Agreement. The

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        8

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LICENSEE shall provide certificates evidencing such insurance coverage to the
LICENSOR promptly after the execution of this Agreement.

                  4.4      Patent Marking. To the extent required by applicable
law, Licensee shall mark all Licensed Products or Combination Products or their
containers in accordance with the applicable patent marking laws.

                  4.5      No Use of Name. The use of the name "EASTERN VIRGINIA
MEDICAL SCHOOL", or any variation thereof in connection with the advertising or
sale of Licensed Products is expressly prohibited.

                  4.6 U.S. Manufacture. To the extent required by applicable
United States laws, if at all, Licensee agrees that Licensed Products will be
manufactured in the United States, or its territories, subject to such waivers
as may be required, or obtained, if at all, from the United States Department of
Health and Human Services, or its designee.

                  4.7 Foreign Registration. Except as provided in Section 3.1
hereof, Licensee agrees to register this Agreement with any foreign governmental
agency which requires such registration, and Licensee shall pay all costs and
legal fees in connection therewith. In addition, except as provided in Section
3.1 hereof, Licensee shall assure that all foreign laws affecting this Agreement
or the sale of Licensed Products or Combination Products are fully satisfied.

         5.       Representations and Warranties of License.

                  5.1 Power and Authority. Licensor hereby represents and
warrants that it has full right, authority and power to enter into this
Agreement and to grant the exclusive license under the Licensor Patent and
Trademark Rights and to perform its obligations under this Agreement. Upon
execution and delivery by Licensee, this Agreement shall constitute a valid and
binding agreement of Licensor enforceable against it in accordance with its
terms.

                  5.2 Title and Validity. Licensor hereby represents and
warrants that it is the sole owner of all right, title and interest in and to
the Licensor Patent and Trademark Rights. To Licensor's knowledge, there are no
claims or suits challenging Licensor's ownership or right to use the Licensor
Patent and Trademark Rights, or alleging that any of the Licensor Patent and
Trademark Rights infringe any rights of any third party, nor does there exist
any basis therefor. To Licensor's knowledge, it is not necessary for Licensee to
obtain any royalty bearing licenses from any third party in order to fully
exercise the rights granted by Licensor hereunder. Licensor has no knowledge of
any fact that casts substantial doubt on the validity of any of the Licensor
Patent and Trademark Rights as of this date.

                  5.3 No Conflict. Licensor hereby represents and warrants that
no other person or organization presently has any assignment, option, or license
under the Licensor Patent and Trademark Rights with respect to the manufacture,
use or sale of Licensed Product in the United States or anywhere in the world.
Execution, delivery and consummation of this Agreement will not result in the
breach of or give rise to cause for termination of any agreement or contract to
which Licensor may be a party or, to Licensor's knowledge, which otherwise
relates to the Licensor Patent and Trademark Rights or the Licensed Products.
Neither Licensor nor any of its Affiliates after the Effective Date shall enter
into any agreement or take or fail to take any action which shall restrict its
legal right to grant to Licensee the rights and benefits contemplated under this
Agreement.

                                        9

<PAGE>

                  5.4 Indemnity. It is understood that if any of the
representations and warranties hereunder are not true and correct as of the date
hereof and Licensee incurs damages, costs or other expenses as a result of such
falsity or circumstances falsely represented, Licensor shall defend, indemnify
and hold harmless Licensee and its Affiliates for any such damages, costs or
expenses incurred.

                  5.5 Disclaimer. Subject to the foregoing, LICENSOR MAKES NO
OTHER WARRANTIES CONCERNING LICENSOR PATENT AND TRADEMARK RIGHTS OR LICENSOR
TECHNOLOGY COVERED BY THIS AGREEMENT, INCLUDING WITHOUT LIMITATION, ANY EXPRESS
OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AS TO
LICENSOR PATENT AND TRADEMARK RIGHTS, LICENSOR TECHNOLOGY OR ANY LICENSED
PRODUCT.

         6.       Interests in Intellectual Property Rights.

                  6.1 Preservation of Title. Licensor shall retain full
ownership and title to Licensor Technology, and Licensor Patent and Trademark
Rights licensed hereunder and shall use its reasonable best efforts to preserve
and maintain such full ownership and title, subject to Licensee fully performing
all of its obligations under this Agreement.

                  6.2 [ * ]License to Improvements. Licensee hereby grants to
Licensor a non-exclusive, [ * ] license to any improvement to Licensor
Technology developed by Licensee, to use for its own non-commercial research
purposes or grant to other nonprofit institutions for their non-commercial
research purposes. Licensor hereby grants to Licensee a non-exclusive, royalty
free license to any improvement to Licensor Technology developed by Licensor if
the research was solely sponsored by Licensee.

                  6.3 Governmental Interest. Licensee and Licensor acknowledge
that Licensor has received, and expects to continue to receive, funding from the
United States Government in support of Licensor's research activities. Licensee
and Licensor acknowledge and agree that their respective rights and obligations
pursuant to this Agreement shall be subject to Licensor's obligations and the
rights of the United States Government, if any, which arise or result from
Licensor's receipt of research support from the United States Government,
including without limitation, the grant by Licensor to the United States a
non-exclusive, irrevocable, royalty-free license to Licensor Technology and
Licensor Patent and Trademark Rights licensed hereunder for governmental
purposes.

                  6.4 Reservation of Rights. Licensor reserves the right to use
for any non-commercial research purposes and the right to allow other nonprofit
institutions to use for any non-commercial research purposes any Licensor
Technology and Licensor Patent and Trademark Rights licensed hereunder, without
Licensor or such other institutions being obligated to pay Licensee any
royalties or other compensation.

         7.       Confidentiality and Publication.

                  7.1 Treatment of Confidential Information. The parties agree
that during the term of this Agreement, and for a period of [ * ] after this
Agreement terminates, a party receiving Confidential Information of the other
party will (i) maintain in confidence such Confidential Information to the same
extent such party maintains its own proprietary information,

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                       10

<PAGE>

(ii) not disclose such Confidential Information to any third party without prior
written consent of the other party and (iii) not use such Confidential
Information for any purpose except those permitted by this Agreement.

                  7.2 Publications. Licensee agrees that Licensor shall have a
right to publish in accordance with its general policies. However, prior to
publication, Licensor shall submit to Licensee copies of proposed publications
which contain subject matter relating to intellectual property licensed
hereunder or to a Licensed Product, and afford Licensee [ * ] to review the
publication(s). Upon timely written request by Licensee, Licensor shall delay
any such publication until the preparation and filing of a patent application
pursuant to Section 3.1, which delay shall not exceed [ * ].

                  7.3 Publicity. Except as otherwise provided herein or required
by law, no party shall originate any publication, news release or other public
announcement, written or oral, whether in the public press, stockholders'
reports, or otherwise, relating to this Agreement or to any sublicense
hereunder, or to the performance hereunder or any such agreements, without the
prior written approval of the other party, which approval shall not be
unreasonably withheld. Licensee shall not use the name of Licensor or any of
Licensor's employees in any marketing or sales literature or otherwise without
Licensor's prior written approval. Scientific publications published in
accordance with Section 7.2 of this Agreement and disclosures required under the
securities laws shall not be construed as publicity governed by this Section
7.3.

         8.       Term and Termination.

                  8.1 Term. Unless terminated sooner in accordance with the
terms set forth herein, the term of this Agreement, and the license granted
hereunder, shall expire as provided in Section 2.6 hereof.

                  8.2 Termination Upon Default. Any one or more of the following
events shall constitute an event of default hereunder: (i) the failure of a
party to pay any amounts when due hereunder and the expiration of [ * ] after
receipt of a written notice requesting the payment of such amount; (ii) the
failure of a party to perform any obligation required of it to be performed
hereunder, and the failure to cure within [ * ] after receipt of notice from the
other party specifying in reasonable detail the nature of such default. Upon the
occurrence of any event of default, the non-defaulting party may deliver to the
defaulting party written notice of intent to terminate, such termination to be
effective upon the date set forth in such notice.

                  Such termination rights shall be in addition to and not in
substitution for any other remedies that may be available to the non-defaulting
party. Termination pursuant to this Section 8.2 shall not relieve the defaulting
party from liability and damages to the other party for breach of this
Agreement. Waiver by either party of a single default or a succession of
defaults shall not deprive such party of any right to terminate this Agreement
arising by reason of any subsequent default.

                  8.3 Termination For Financial Considerations. This Agreement,
and the license granted herein, may be terminated by Licensor giving written
notice of termination to Licensee in the event Licensee informs Licensor in
writing of Licensee's inability to pay its debts as they come due, fails to pay
royalties within [ * ] after they are due pursuant to this Agreement, or upon
the appointment of a receiver of any of Licensee's assets, or the making by
Licensee of any assignment for the benefit of creditors. Termination shall be
effective upon the date specified in such

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                       11

<PAGE>

notice. To the extent permitted by applicable law, in the event that: (i)
Licensee (1) applies for or consents to the appointment of, or the taking of
possession by, a receiver, custodian, trustee or liquidator of all or
substantially all of its property, (2) makes a general assignment for the
benefit of its creditors, (3) commences a case under the United States
Bankruptcy Code, or files a petition seeking to take advantage of any other law
relating to bankruptcy, insolvency, or composition or readjustment, with respect
to substantially all of its debts, or (4) adopts any resolution of its board of
directors or stockholders for the purpose of effecting any of the foregoing; or
(ii) a proceeding or case is commenced without the application or consent of
Licensee that seeks a remedy described in (1) above and such proceeding or case
continues undismissed, or an order, judgment or decree approving or ordering any
of such remedies shall be entered and continue unstayed and in effect, for a
period of [ * ] from and after the date service of process is effected upon
Licensee; then, and in any such event, Licensee will be deemed to have defaulted
under this Agreement, and this Agreement will be deemed to have been terminated
by Licensor as of that date.

                  8.4 Licensee Termination. Licensee shall have the right to
terminate this Agreement at any time upon three (3) months written notice to
Licensor, and upon payment of all amounts due Licensor through the effective
date of termination.

                  8.5 Rights Upon Expiration. Neither party shall have any
further rights or obligations upon the expiration of this Agreement upon its
regularly scheduled expiration date with respect to this Agreement, other than
the obligation of Licensee to make any and all reports and payments for the
final quarter period. Provided, however, that upon such expiration, each party
shall be required to continue to abide by its non-disclosure obligations as
described in Section 7.1. Licensee shall continue to abide by its obligation to
indemnify Licensor as described in Section 4.3 and by its obligations under
Section 6.2 hereof, and Licensor shall continue to abide by its obligation to
indemnify Licensee as described in Section 5.4.

                  8.6 Rights Upon Termination. Notwithstanding any other
provision of this Agreement, upon any termination of this Agreement prior to the
regularly scheduled expiration date of this Agreement, the license granted
hereunder shall terminate. Except as otherwise provided in Section 8.6 of this
Agreement with respect to work-in-progress, upon such termination, Licensee
shall have no further right to develop, manufacture or market any Licensed
Product, or to otherwise use any Licensor Patent and Trademark Rights or any
Licensor Technology not otherwise includable therein. Upon any such termination,
Licensee shall promptly return all materials, samples, documents, information,
and other materials which embody or disclose Licensor Patent and Trademark
Rights or any Licensor Technology not otherwise includable therein; provided,
however, that Licensee shall not be obligated to provide Licensor with
proprietary information which Licensee can show that it independently developed.
Any such termination shall not relieve either party from any obligations accrued
to the date of such termination. Upon such termination, each party shall be
required to abide by its nondisclosure obligations as described in Section 7.1,
and Licensee shall continue to abide by its obligations to indemnify Licensor as
described in Section 4.3, and Licensor shall continue to abide by its obligation
to indemnify Licensee as described in Section 5.4.

                  8.7 Work-in-Progress. Upon any such early termination of the
license granted hereunder in accordance with this Agreement, Licensee shall be
entitled to finish any work-in-progress and to sell any completed inventory of a
Licensed Product covered by such license which remain on hand as of the date of
the termination, so long as Licensee pays to Licensor the royalties applicable
to said subsequent sales in accordance with the terms and conditions as set
forth in this

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                       12

<PAGE>

Agreement, provided that no such sales shall be permitted after the expiration
of [ * ] after the date of termination.

                  8.8 Survival of Sublicenses. In the event that the licenses
granted to Licensee under this Agreement are terminated, any granted sublicenses
shall remain in full force and effect, provided that the sublicensee is not then
in breach of its sublicense agreement and the sublicensee agrees in writing to
be bound and promptly becomes bound to Licensor as a licensor under the terms
and conditions of this Agreement.

         9.       Assignment; Successors.

                  9.1 Assignment. Neither this Agreement nor any rights granted
hereunder may be assigned or transferred by Licensee, except to an Affiliate of
Licensee, without the prior written consent of Licensor.

                  9.2 Binding Upon Successors and Assigns. Subject to the
limitations on assignment herein, this Agreement shall be binding upon and inure
to the benefit of any successors in interest and permitted assigns of Licensor
and Licensee. Any such successor or permitted assignee of Licensee's interest
shall expressly assume in writing the performance of all the terms and
conditions of this Agreement to be performed by Licensee.

         10.      General Provisions.

                  10.1 Independent Contractors. The relationship between
Licensor and Licensee is that of independent contractors. Licensor and Licensee
are not joint venturers, partners, principal and agent, master and servant,
employer or employee, and have no other relationship other than independent
contracting parties. Licensor and Licensee shall have no power to bind or
obligate each other in any manner, other than as is expressly set forth in this
Agreement.

                  10.2 Dispute Resolution. Any controversy or claim arising out
of or relating to this Agreement, or the breach thereof, shall be settled by an
agreed form of alternative dispute resolution (ADR), including mediation,
arbitration or other form of ADR. If the parties cannot agree on a form of ADR,
dispute shall be settled by binding arbitration in accordance with the
Commercial Arbitration Rules of the American Arbitration Association ("AAA").
Judgment upon the award rendered by the arbitrators may be enforced in any court
having jurisdiction thereof.

                  10.3 Entire Agreement; Modification. This Agreement sets forth
the entire agreement and understanding between the parties as to the subject
matter hereof. There shall be no amendments or modifications to this Agreement,
except by a written document which is signed by both parties.

                  10.4     Applicable Law. This Agreement shall be construed and
enforced in accordance with the laws of the State of Virginia.

                  10.5 Headings. The headings for each article and section in
this Agreement have been inserted for convenience or reference only and are not
intended to limit or expand on the meaning of the language contained in the
particular article or section.

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                       13

<PAGE>

                  10.6 Severability. Should any one or more of the provisions of
this Agreement be held invalid or unenforceable by a court of competent
jurisdiction, it shall be considered severed from this Agreement and shall not
serve to invalidate the remaining provisions thereof. The parties shall make a
good faith effort to replace any invalid or unenforceable provision with a valid
and enforceable one such that the objectives contemplated by them when entering
this Agreement may be realized.

                  10.7 No Waiver. Any delay in enforcing a party's rights under
this Agreement or any waiver as to a particular default or other matter shall
not constitute a waiver of such party's rights to the future enforcement of its
rights under this Agreement, excepting only as to an express written and signed
waiver as to a particular matter for a particular period of time.

                  10.8 Name. Whenever there has been an assignment or a
sublicense by Licensee as permitted by this Agreement, the term "Licensee" as
used in this Agreement shall also include and refer to, if appropriate, such
assignee or sublicensee.

                  10.9 Attorneys' Fees. In the event of a dispute between the
parties hereto or in the event of any default hereunder, the party prevailing in
the resolution of any such dispute or default shall be entitled to recover its
reasonable attorneys' fees and other costs incurred in connection with resolving
such dispute or default.

                  10.10 Notices. Any notices required by this Agreement shall be
in writing, shall specifically refer in this Agreement and shall be sent by
registered or certified airmail, postage prepaid, or by telefax, telex or cable,
charges prepaid, or by overnight courier, postage prepaid and shall be forwarded
to the respective addresses set forth below unless subsequently changed by
written notice to the other party:

                  For Licensor:  Eastern Virginia Medical School
                                 825 Fairfax Avenue
                                 Norfolk, Virginia 23507 U.S.A.
                                 Attention:  J. Sumner Bell, III, M.D.
                                 President   Fax No.:  (757) 446-6095

                  For Licensee:  AcSentient, Inc.
                                 209 Chalon Drive
                                 Cary, North Carolina 27511 U.S.A.
                                 Attention:  Lisa T. Grimes
                                 Fax No.:  (919) 469-2377

                  Notice shall be deemed delivered upon the earlier of (i) when
received, (ii) three (3) days after deposit into the mail, (iii) the date notice
is sent via telefax, telex or cable, or (iv) the day immediately following
delivery to overnight courier (except Sunday and holidays).

                  10.11 Compliance with U.S. Laws. Nothing contained in this
Agreement shall require or permit Licensor or Licensee to do any act
inconsistent with the requirements of any United States law, regulation or
executive order as the same may be in effect from time to time.

                                       14

<PAGE>

                  10.12 Further Assurances. The parties each, at any time or
from time to time, shall execute and deliver or cause to be delivered such
further assurances, instruments or documents as may be reasonably necessary to
fulfill the terms and conditions of this Agreement.

                  10.13    Counterparts. This Agreement may be signed in
counterparts which collectively shall constitute a single agreement.

                  IN WITNESS WHEREOF, the parties have executed this Agreement
by their duly authorized representatives as of the date set forth above.

LICENSOR:                                         LICENSEE:
Eastern Virginia Medical School                   AcSentient, Inc.

Signature: /s/ J. Sumner Bell, III, M.D.          Signature: /s/ Lisa T. Grimes
           -----------------------------                    -------------------

By:        J. Sumner Bell, III, M.D.              By:        Lisa Grimes

Title:     President                              Title:     CEO

Date:      January 29, 2002                       Date:________________________

                                       15

<PAGE>

                                    EXHIBIT A

                          PATENT AND TRADEMARK SCHEDULE

A.       Topical Gel Containing Aminocaproic Acid for Preventing Secondary
         Hemorrhage Following Hyphem

         U.S. Patent No. 5,415,863                    Awarded:  5/16/95

B.       Topical Gel Containing Aminocaproic Acid Applied to the Eye

         U.S. Patent No. 5,505,954                    Awarded:  4/9/96

C.       Method for Preparing a Topical Aminocaproic Acid Containing Ophthalmic
         Gel

         U.S. Patent No. 5,547,680                    Awarded:  8/20/96

D.       Topical Composition for Re-epithelialization of Persistent Epithelial
         defects

         U.S. Patent No. 5,541,226                    Awarded:

E.       Registered Trademark: "Caprogel"

         U.S. Trademark Reg. No. 2,393,778            Registered:  10/10/00

<PAGE>

                                    EXHIBIT B

                                DEVELOPMENT PLAN

Phase IIIB Clinical Trial

[ * ] [ * ]

[ * ] [ * ]

[ * ] [ * ]

Toxicology Trial

[ * ] [ * ]

[ * ] [ * ]

[ * ] [ * ]

Seek Food and Drug Administration (FDA) Approval

[ * ] [ * ]

[ * ] [ * ]

Market Caprogel

[ * ] [ * ]

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.<PAGE>

                                                                   EXHIBIT 10.42

          CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST
            FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE
         SECURITIES EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED
                              WITH THE COMMISSION.

                                LICENSE AGREEMENT

This LICENSE AGREEMENT (hereinafter called this "License Agreement") made and
effective as of the 7th day of March, 2002 by and between:

Senju Pharmaceutical Co., Ltd., a legal entity duly organized and existing under
the laws of Japan, having its principal office of business at 5-8, Hiranomachi
2-chome, Chuo-ku, Osaka 541-0046, Japan (hereinafter called "SENJU") and;

AcSentient Inc., a legal entity duly organized and existing under the laws of
Delaware, having its principal office of business at 110 Doric Court,
Morrisville, North Carolina 27560, U.S.A. (hereinafter called "ACSENTIENT");

                                WITNESSETH THAT;

WHEREAS, American Home Products Corporation, state of New Jersey, the United
States of America (and/or its affiliates, including, but not limited to
Wyeth-Ayerst International, Inc., hereinafter collectively called "AHP") is the
owner of technical information and know-how with respect to the chemical
substance [ * ] [ * ], which is known as "bromfenac" (hereinafter called
"Compound");

WHEREAS, SENJU and AHP own jointly patent rights and technical information and
know-how regarding an ophthalmic preparation containing the Compound as an
active ingredient;

WHEREAS, SENJU is the sole exclusive licensee with the right to sub-license the
patent rights and technical information and know-how owned by AHP concerning
Compound for ophthalmologic use and Preparation;

WHEREAS, SENJU has provided ACSENTIENT with some technical information in its
possession pertaining to Preparation under Confidentiality Agreement concluded
between two Parties effective as of the 8th day of August, 2001 and Memorandum
of Understanding Concerning Bromfenac Ophthalmic Product and Timolol LA
Ophthalmic Product of 7th day of January 2002 (hereinafter called "Secrecy
Agreement and MOU" collectively) for ACSENTIENT's evaluation of the feasibility
to commercially develop the Preparation in the Territory (defined in Paragraph
1.02);

WHEREAS, ACSENTIENT is willing to pursue the development of the Preparation in
the Territory subject to the terms and conditions of this License Agreement.

NOW THEREFORE, in consideration of the foregoing, the mutual covenants contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, SENJU and ACSENTIENT thereby agree
as follows:

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

<PAGE>

(SENJU and ACSENTIENT collectively called "Parties" and/or individually called
"Party")

Article 1   - Definitions

The following terms used in this License Agreement shall have the meanings set
forth in this Article unless the context clearly requires otherwise, and the
singular shall include the plural and vice versa.

1.01     "Patent Rights" shall mean U.S. Patent No. 4,910,225, all divisions,
continuations, continuations-in-part as well as other patents including any
reissues, renewals, extensions or patents of addition thereto.

1.02     "Territory" shall mean United States of America as well as Puerto Rico,
Guam and the U.S. Virgin Islands.

1.03     "Preparation" shall mean any ophthalmic product containing the Compound
as an active ingredient.

1.04     "Technical Information & Know-How" shall mean technical information and
know-how which is available at the Effective Date or becomes available to Senju
during the term of this License Agreement relating to the Preparation, which is
necessary or useful for the practice of the Patent Rights, including without
limitation, the development of the Preparation, obtaining Government Approval
(hereinafter defined) and manufacture of the Preparation in the Territory in
possession of or under the control of Senju. Technical Information & Know-How
shall include any and all technical information and know-how disclosed by SENJU
to ACSENTIENT under Secrecy Agreement and MOU.

1.05     "Net Sales" shall mean the gross invoiced amount charged by ACSENTIENT
or ACSENTIENT Agent to sell the Preparation to Third Parties in the Territory
less (a) ordinary and reasonable trade discounts earned or granted for quantity
purchases, prompt payment discounts and reasonable cash discounts actually
allowed; (b) credits, and allowances actually granted on account of rejections,
returns, rejections, destructions or billing errors; (c) custom duties,
reasonable prepaid out bound transportation expenses and insurance, taxes and
other governmental charges actually paid. Provided, however, that such
reductions will be less than 10% of the gross invoiced price.

1.06     "First Commercialization" shall mean date of the first commercial sale
by ACSENTIENT or ACSENTIENT Agent of the Preparation in commercial quantities to
a Third Party under this License Agreement.

1.07     "Governmental Approval" shall mean any kind of approvals by USFDA (U.
S. Food and Drug Administration) or equivalent future governmental authority,
necessary to commercialize the Preparation in the Territory, including, without
limitation, any approvals necessary to conduct pre-clinical or clinical studies
on the Compound or the Preparation, or necessary for the manufacture,
distribution, and sale of the Preparation.

1.08     "ACSENTIENT Agent" shall mean any agent who sells, markets,
distributes, promotes and offers to sell the Preparation in the Territory on
behalf of ACSENTIENT.

1.09     "ACSENTIENT Manufacturers" shall mean a manufacturer who manufactures
the Preparation in the Territory on behalf of ACSENTIENT.

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        2

<PAGE>

1.10     "Effective Date" shall mean the date first above written on which this
License Agreement shall become effective.

1.11     "Third Parry" shall mean any party other than SENJU and ACSENTIENT and
ACSENTIENT Manufacturer and ACSENTIENT Agent.

1.12     "Development Activity" shall mean ACSENTIENT's activities to perform
all tests, studies, and other activities necessary to develop the Preparation
and obtain and maintain Government Approval of the Preparation in the Territory.

1.13     "Development Schedule" shall mean a mutually agreeable project
timetable between the Parties for ACSENTIENT's Development Activities, which is
attached hereto as Schedule 1.

1.14     "Trademark" shall mean any trademark, trade dress, brand mark, trade
name, brand name, logo or business symbol to be used in connection with the
marketing of the Preparation in the Territory.

Article 2   - Grant

2.01     SENJU hereby shall grant to ACSENTIENT and ACSENTIENT shall hereby
accept an exclusive, running royalty-bearing license under the Patent Right and
the Technical Information & Know-How to make, have made, import, offer to
provide and provide, develop, manufacture, use, market, sell and offer to sell
the Preparation in the Territory. License granted to ACSENTIENT herein shall not
include the right to grant sub-license in the Territory. SENJU hereby represents
that it has the full right and authority to enter into this License Agreement,
to grant licenses provided herein and to perform its obligations hereunder.

2.02     ACSENTIENT's license granted under this License Agreement shall include
the right to permit ACSENTIENT Manufacturers to practice or use the Patent
Rights and the Technical Information & Know-How to manufacture the Preparation
on behalf of ACSENTIENT and ACSENTIENT Agent to sell, market, distribute,
promote and offer to sell the Preparation on behalf of ACSENTIENT in the
Territory. Provided, however, that ACSENTIENT shall acknowledge and confirm that
by permitting ACSENTIENT Manufacturer and ACSENTIENT Agent to manufacture,
market, sell and offer to sell the Preparation hereunder it shall not be
released from any of its contractual obligations under this License Agreement
and that it shall remain fully responsible for the complete performance of such
obligations under this License Agreement.

2.03     SENJU agrees that during the term of this License Agreement, SENJU nor
its Subsidiaries shall not (a) market or otherwise sell or distribute the
Preparation in the Territory or (b) grant any license to the Patent Rights in
the Territory that would entitle any other party to market or otherwise sell or
distribute during the term of this License Agreement, any product utilizing the
Patent Rights for use in the Territory, except the case where ACSENTIENT's
exclusive right granted by SENJU hereunder reverts to the co-exclusive right
under paragraph 4.02. The term of Subsidiary provided in this paragraph 2.03
shall mean any legal entity fully or substantially fully owned or controlled by
SENJU.

2.04     Within thirty (30) days following the Effective Date and thereafter
during the term of this License Agreement, SENJU agrees to provide ACSENTIENT
with reasonable access to all Technical Information & Know-How, and with copies
of any and all patents and patent applications owned or

                                        3

<PAGE>

controlled by SENJU covering the Patent Rights or Technical Information &
Know-How, including all patent office actions received and amendments filed, if
any, relative thereto.

Article 3   - Compensation

3.01     In consideration of SENJU's grant of the exclusive license in the
Territory in accordance with the Article 2 hereof, ACSENTIENT shall, during the
term of this License Agreement, pay SENJU the following milestone payments:

         Milestone:                               Amount of Payment due:

         (i)      Within 60 days from the         non refundable license fee of
                  Effective Date                  US$750,000.00-

         (ii)     [ * ]                           non refundable license fee of
                  [ * ]                           [ * ]-

3.02     In the event that ACSENTIENT fails to obtain Governmental Approval
within [ * ] following the scheduled date of such Governmental Approval set
forth in the Development Schedule and such failure is solely attributable to
ACSENTIENT's (including any successor to ACSENTIENT by merger, acquisition or
otherwise) failure to use diligent efforts, [ * ] [ * ] [ * ].

3.03     Unless otherwise provided herein, no payments to Senju under this
License Agreement shall be refundable in whole or in part.

Article 4   - Royalties

4.01     In consideration of the rights granted under this License Agreement,
ACSENTIENT shall pay SENJU as running royalties a sum corresponding to [ * ] of
the Net Sales of the Preparation in the Territory for [ * ] from the First
Commercialization. Thereafter, ACSENTIENT shall pay SENJU as running royalties a
sum corresponding to [ * ] of the Net Sales of the Preparation during the
remaining term of this License Agreement. Provided, however, that if the Net
Sales in any year decreases more than [ * ] compared to the preceding year due
to the commercialization of a generic product equivalent to the Preparation in
the Territory, the running royalty rate shall [ * ] and ACSENTIENT shall pay
SENJU as royalties a sum corresponding to [ * ] of the Net Sales of the
Preparation during the remaining term of this License Agreement.

4.02     Notwithstanding above paragraph 4.01, ACSENTIENT shall pay SENJU
minimum annual royalties of;

         (i)    US$2,947,425 for the third (3rd) year following the First
                Commercialization;

         (ii)   US$3,264,750 for the fourth (4th) year following the First
                Commercialization; and

         (iii)  US$3,600,600 for the fifth (5th) year following the First
                Commercialization:

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        4

<PAGE>

         provided, however, that above minimum annual royalties payment by
ACSENTIENT to SENJU shall be subject to the existence of following conditions
for the Preparation:

                  (a)      The First Commercialization has occurred;

                  (b)      The Preparation has obtained Governmental Approval
usable for [ * ] [ * ];

                  (c)      The Preparation is not associated with [ * ]
(provided that both Parties confirm (to the extent practicable) and acknowledge
that the Preparation is administered pursuant to package insert to the
patient(s) who experience [ * ] and that [ * ] [ * ] and/or availability of
Preparation due [ * ]; and,

                  (d)      The Preparation has not been found by [ * ] [ * ].

         If these conditions are not met for the Preparation, SENJU and
ACSENTIENT shall conduct independent market research to determine product
potential and set minimum royalties based on [ * ] [ * ] of the [ ( ] or
ACSENTIENT shall have the option [ * ] [ * ]. In the event ACSENTIENT exercises
said option [ * ], ACSENTIENT's exclusive right granted by SENJU under this
License Agreement shall [ * ], and SENJU will have a right to [ * ] [ ].

         In no event, will minimum annual royalties be imposed on ACSENTIENT for
the [ * ] year and [ * ] year following First Commercialization except for the
case of paragraph 4.03.

4.03     If ACSENTIENT is merged into or acquired by a third party during the
term of this License Agreement, the following minimum running royalties shall be
payable to SENJU;

         (i)      If ACSENTIENT is merged or acquired by Third Party on or prior
to the date of First Commercialization:

                  (a)      For [ * ] of First Commercialization: [ * ]

                  (b)      For [ * ] of First Commercialization: [ * ]

                  (c)      For [ * ] of First Commercialization and subsequent
years to the termination of this License Agreement:[ * ]

         (ii)     If ACSENTIENT is merged or acquired by Third Party on or
during the [ * ] of First Commercialization:

                  (a)      For [ * ] of First Commercialization: [ * ]

                  (b)      For [ * ] of First Commercialization and subsequent
years to the termination of this License Agreement:[ * ]

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        5

<PAGE>

         (iii)    If ACSENTIENT is merged or acquired by Third Party on or after
the [ * ] of First Commercialization;

                  (a)      [ * ]until termination of this License Agreement.

         The minimum running royalty payments referred in this paragraph 4.03:
(i) shall be subject to the existence of the four (4) conditions for the
Preparation set forth in paragraph 4.02 above and (ii) are not cumulative. If
such condition does not exist, the amount of minimum running royalty shall be
adjusted in the manner referred in paragraph 4.02 above.

4.04     No multiple running royalty will be payable even if the Preparation,
its manufacture, use or sale, are or will be covered by more than one claim or
patent.

4.05     All of the running royalties including minimum royalties in paragraph
4.01 through 4.03 shall be paid within [ * ] following the end of ACSENTIENT's
fiscal year which commences following the First Commercialization. ACSENTIENT's
fiscal year commences January 1st of a year and ends December 31 in the same
year.

4.06     Unless otherwise expressly provided herein, no running royalty payment
to Senju under this License Agreement shall be refundable in whole or in part.

Article 5   - Payments and Records

5.01     Within [ * ] after the end of each fiscal year during the term of this
License Agreement, ACSENTIENT shall furnish SENJU with an accurate report
stating the total quantity of the Preparation in units sold by ACSENTIENT and
ACSENTIENT Agent during the preceding fiscal year, the grossed invoiced sales
price and the Net Sales thereof and amount of the royalties accrued, together
with written reports regarding marketing activities stipulated in paragraph 7.01
and 7.02 herein.

5.02     ACSENTIENT shall pay SENJU milestone payments under paragraph 3.01 and
royalties under 4.01, 4.02 and 4.03 pursuant to the applicable U.S. laws and to
the regulation of the Convention for Avoiding Double Taxation between Japan and
U.S.A. The official certificates issued by the U.S. taxation authority, which
shall be acceptable to Japanese Taxation Authority, shall evidence taxes paid in
U.S.A. SENJU shall be responsible for any withholding tax imposed on payments
made by ACSENTIENT to SENJU.

5.03     ACSENTIENT shall make and keep true and accurate records of the
production and sales of the Preparation by ACSENTIENT and ACSENTIENT Agent.

5.04     SENJU shall have the right to inspect, at its own expense, the records
prepared and kept in accordance with paragraph 5.03 above. This inspection shall
be carried out by a certified public accountant reasonably acceptable to
ACSENTIENT for the sole purpose of verifying the accuracy of ACSENTIENT running
royalty payments. This inspection shall be carried out during usual business
hours at ACSENTIENT's appropriate facility.

5.05     ACSENTIENT shall not have any obligation to keep the records kept
pursuant to paragraph 5.03 for more than [ * ] from the date of a given running
royalty payment.

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        6

<PAGE>

5.06     Any payment from ACSENTIENT to SENJU under this License Agreement shall
be remitted to the bank account designated by SENJU.

Article 6   - Development Activities and Marketing Activities

6.01     Immediately after the Effective Date and during the term of this
License Agreement, SENJU shall provide ACSENTIENT with any and all Technical
Information & Know-How in English writing in possession of or under the control
of Senju, which has not been provided to ACSENTIENT under the Secrecy Agreement
and MOU and which will become available to SENJU thereafter. Furthermore, SENJU
shall provide a listing of all documentation of Technical Information & Know-How
to be provided ACSENTIENT under this License Agreement and when specifically
requested by ACSENTIENT such documentation will be certified as being an
accurate translation of the original documentation.

6.02     ACSENTIENT shall have the right, to use any part of the Technical
information & Know-How provided by SENJU for the purpose of using the Patent
Rights, including without limitation, developing and manufacturing the
Preparation and obtaining the Governmental Approval in the Territory.
Furthermore, ACSENTIENT shall have the right to make reference to, but not to
receive a copy of the "Drug Master File" filed by SENJU or SENJU's appointed
Third Party and "New Drug Application File" filed with the USFDA by AHP to
obtain governmental approval for the manufacture and sale of the Compound and/or
for any drug containing the Compound for oral or parenteral administration, for
the purpose of obtaining the Governmental Approval in the Territory for the
Preparation.

6.03     SENJU shall supply ACSENTIENT, with necessary quantities of the
Compound for Development Activities in the Territory including pre-clinical and
clinical studies of the Preparation, [ * ]. The quantity of the Compound
supplied by SENJU to ACSENTIENT pursuant to this paragraph shall be determined
through the negotiation by both parties. Provided, however, that SENJU and
ACSENTIENT shall discuss and negotiate the conditions for supply of the Compound
including the price using for the validation of the Preparation by ACSENTIENT.

6.04     Upon the execution of this License Agreement, ACSENTIENT shall conduct,
at its own expenses and risks, the Development Activities to obtain Governmental
Approval in the Territory according to the Development Schedule. Both Parties
shall agree and acknowledge that Senju shall have no monetary obligation for
ACSENTIENT's Development Activities.

6.05     ACSENTIENT shall provide SENJU at least semi-annually with its written
report in English language concerning the status and progress of its Development
Activities in the Territory. Such written report shall include a summary of
pre-clinical and clinical data and results obtained by ACSENTIENT.

6.06     Upon obtaining of Governmental Approval, ACSENTIENT shall notify SENJU
of such effect together with a copy of a certificate of approval issued by USFDA
and use reasonable best efforts to commercialize the Preparation within [ * ]
after obtaining the Governmental Approval.

6.07     SENJU shall have a right, [ * ] to ACSENTIENT, to use or make Third
Parties outside the Territory, use, the report provided by ACSENTIENT under
paragraph 6.05 and a copy of certificate of Governmental Approval of the
Preparation to be provided by ACSENTIENT

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        7

<PAGE>

under paragraph 6.06, for the purpose of development, obtaining governmental
approval, manufacture and the commercialization of the Preparation solely
outside of the Territory. Provided, however, that if ACSENTIENT's exclusive
right granted by SENJU hereunder [ * ] [ * ] under paragraph 4.02, Senju may
[ * ] [ * ] to ACSENTIENT, the report provided by ACSENTIENT under paragraph
6.05 and a copy of certificate of Governmental Approval of the Preparation to be
provided by ACSENTIENT under paragraph 6.06 in the Territory.

Article 7   - Marketing Activities and Promotional Materials

7.01     ACSENTIENT shall and shall cause ACSENTIENT Agent to, use their
reasonable best efforts to make a minimum of [ * ] [ * ] during each of the
[ * ] following the First Commercialization.

7.02     ACSENTIENT shall spend a cumulative minimum of US$5,000,000.00 (in
addition to sales force costs) for marketing during the first three (3) years
following the First Commercialization.

7.03     ACSENTIENT shall conduct all sales, marketing and distribution of the
Preparation in the Territory. ACSENTIENT shall prepare, [ * ] appropriate
marketing, advertising and promotional material for the Preparation in the
Territory. ACSENTIENT shall furnish SENJU with those materials for SENJU's
review.

7.04     ACSENTIENT shall not, nor shall it permit ACSENTIENT Agent and
ACSENTIENT Manufacturers to submit for written or oral publication any
manuscript, abstract or the like which includes data or other information
relating to the Preparation, without first obtaining the prior written consent
of SENJU, which shall not be unreasonably withheld.

Article 8   - Exchange of Information/Reports

8.01     ACSENTIENT shall furnish SENJU with a copy of outer cartons and package
inserts of the Preparation prepared for the use in the Territory, and
thereafter, any revised version thereof together with their English translation
and explanatory notes for the revision.

8.02     From time to time during the term of this License Agreement, the
Parties shall exchange information concerning any new finding relevant to the
safety, efficacy, dosage formulation and new indications of the Preparation
(including any process improvements which related solely to the Preparation)
(hereinafter called "Improvements") when they become available to either Party.

8.03     SENJU may freely use or make any Third Party use, [ * ] Improvements
made by ACSENTIENT under paragraph 8.02 in any countries outside the Territory.
Provided, however, that if ACSENTIENT's exclusive right granted by SENJU
hereunder [ * ] [ * ] under paragraph 4.02, Senju may [ * ] [ * ] Improvements
made by ACSENTIENT. Further, SENJU may provide AHP with the Improvements
provided by ACSENTIENT under Paragraph 8.02 and AHP wishes to use such
Improvements for the purpose of obtaining the government approval and marketing
of any other preparation than ophthalmologic preparation in any country in the
world, SENJU and ACSENTIENT shall discuss the conditions, including financial
compensation for like deals, for AHP's use of the improvement.

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        8

<PAGE>

8.04     From time to time during the term of this License Agreement, Parties
shall exchange clinical and commercial information concerning the Preparation
which is deemed useful for the sale and marketing of the Preparation.
Furthermore, Party shall notify the other of any important regulatory advises or
instructions which come to either Party's attention during the term of this
License Agreement concerning quality, safety, efficacy of Compound and/or
Preparation.

Article 9   - Availability of the Compound

9.01     As soon as practicable after Effective Date, but not later than [ * ]
thereafter, SENJU shall enter into good faith negotiations with a Third Party,
which meets ACSENTIENT's approval, to conclude a supply agreement under which
said Third Party shall supply the Compound for commercial manufacture of the
Preparation in such quantities and price terms as reasonably required by
ACSENTIENT.

9.02     Within [ * ] following ACSENTIENT receipt of Governmental Approval,
SENJU shall transfer and assign the supply agreement of the Compound to
ACSENTIENT. Financial obligation under the supply agreement after the transfer
and assignment of the supply agreement from SENJU to ACSENTIENT shall be sole
responsibility of ACSENTIENT under terms of the supply agreement.

Article 10  - Adverse Event

10.01    As used in this Article the term of "Regulatory Information" shall mean
any information regarding threatened or pending action by any regulatory
authorities of the country where each party markets the Preparation, including,
but not limited to, cancellation of the approval or order to terminate sales of
its Preparation, to recall and destroy the Preparation on the market or to
revise the approved indication, dosage and administration or important caution
for use of the Preparation, or the government issue of Dear Doctor Letter
regarding the Preparation which may give serious impact to the sales of
Preparation. As used in this Article, the term of "Adverse Event" (as described
in the most current U. S. Code of Federal Regulations) shall mean any noxious,
pathological or unintended change in anatomical, physiological or metabolic
function as indicated by physical signs, symptoms occurring in clinical trials,
post-marketing surveillance, or clinical practice during the use of Preparation,
or published in the medical literature, whether or not considered casually
related to Preparation. This includes an exacerbation of a pre-existing
condition, inter-current illness, drug interaction, significant failure of
expected pharmacological or biological action. With respect to Adverse Event,
the following shall apply:

                  (a)      As long as each Party maintains governmental approval
of the Preparation in any country of the world, ACSENTIENT and SENJU shall
report any Adverse Event known to it in respect of the Preparation or Compound
to the appropriate regulatory authorities in the countries in which it is
developing or commercializing the Preparation or Compound, in accordance with
the laws and regulations of the relevant countries and authorities, provided
that in the Territory, ACSENTIENT shall control all communications by the
Parties to the FDA, and any successor agency thereof;

                  (b)      ACSENTIENT will submit safety data on the Preparation
in the Territory to FDA in accordance with the regulations of FDA;

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        9

<PAGE>

                  (c)      Promptly after the Effective Date, each Party shall
appraise the other Party of the standard operating procedures for the
investigation and reporting of Adverse Event and Regulatory Information
regarding its products. The Parties shall then promptly develop and agree upon
procedures to exchange information concerning Adverse Event and Regulatory
Information of Preparation. The Parties shall immediately implement such agreed
procedures and shall provide each other on a regular basis with any appropriate
information which enables the other Party to meet its regulatory obligations
including but not limited to submission of periodic safety update report (PSUR)
in countries in which it is developing or commercializing and/or distributing
the Preparation or which is relevant to the safe use of the Preparation. The
agreed procedures will be reviewed jointly on a regular basis or when there is a
change in regulations governing Adverse Event and Regulatory Information
reporting;

                  (d)      All Adverse Event reports and queries for SENJU
should be addressed to Director, Post Marketing Surveillance Department, SENJU
Pharmaceutical Co., Ltd., 4-9, Hiranomachi 2-chome, Chuo-ku, Osaka 541-0046,
Japan (facsimile number: 81-6-6229-3293, telephone number: 81-6-6201-9621) and
for ACSENTIENT should be addressed to Manager of Drug Safety, ACSENTIENT Inc.,
110 Doric Court, Morrisville, North Carolina 27560, U.S.A. (facsimile number:
919-460-8729, telephone number: 813-631-9551) or such other safety
representative as may be designated by SENJU for SENJU or by ACSENTIENT for
ACSENTIENT.

10.02    Each Party shall immediately notify the other of any information
received regarding any threatened or pending action by any regulatory authority,
which may affect the Compound or the Preparation or the continued manufacture,
marketing and/or distribution of the Preparation. Upon receipt of any such
information, the Parties shall consult in an effort to arrive at a mutually
acceptable procedure for taking appropriate action; provided, however, that
nothing set forth in this Paragraph 10.02 shall be construed as restricting the
right of either Party to make a timely report of such matter to any governmental
agency or take other action that it deems appropriate or required by applicable
law or regulation.

Article 11  - Confidentiality

11.01    Parties hereto undertake to keep confidential all of the information
and reports, materials, data and results of the investigation and so on
regarding the Compound and/or the Preparation which is/are received from or
provided by the other Party under this License Agreement and/or the Secrecy
Agreement and MOU, and is/are marked or otherwise indicated that the same is/are
confidential nature (hereinafter collectively called "Information" in this
Article 11), provided, however, that such Information as itemized below shall be
excluded from this confidentiality obligation;

         (i)      Information which was at the time of disclosure in the public
domain,

         (ii)     Information which after the time of disclosure became a part
of the public domain, through no fault or act of omission by the recipient
Party,

         (iii)    Information which was at the time of disclosure lawfully in
the recipient's possession on a non-disclosure basis,

         (iv)     Information received from any Third Party who has no
obligation to keep the Information confidential against any of Parties hereto,

                                       10
<PAGE>

         (v)      Information which both Parties hereto agree in writing to
disclose to a Third Party or to make the same public, or

         (vi)     Information which is independently developed by recipient
Party without actual knowledge of the Information:

         provided, further, that the recipient Party shall have competent proof
for proving the fact that the Information in question falls into the category of
either one of the items herein above.

11.02    Notwithstanding the provision of Paragraph 11.01, ACSENTIENT may
disclose the Information disclosed by SENJU to its officers, employees,
consultants or contract workers engaging in any activity for the
commercialization of the Preparation including clinical studies and other
activities for obtaining the Government Approval in the Territory, so far as the
disclosure is necessary for their performance of such activity, provided,
however, that ACSENTIENT shall take any adequate measure to cause them to keep
the information disclosed confidential under the same conditions provided in any
provision of this License Agreement.

11.03    Notwithstanding the provision of Paragraph 11.01, SENJU may, in
addition to the stipulations of paragraph 6.07 and paragraph 8.03, disclose the
Information disclosed by ACSENTIENT, to its licensees, officers, employees,
consultants or contract workers engaging in any activity for the
commercialization of the Preparation including clinical studies and other
activities for obtaining the governmental approval outside the Territory or for
obtaining patent right including any patent application and prosecution of the
patent application, so far as the disclosure is necessary for their performance
of such activity, provided, however, that SENJU shall take any adequate measure
to cause them to keep the Information disclosed confidential under the same
conditions provided in any provision of this License Agreement.

11.04    The stipulations in Article 11 will survive for [ * ] after expiration
or termination of this License Agreement.

11.05    With respect to this Article 11, other than paragraphs 11.01 and 11.03,
it is understood that AHP shall be included in the definition of SENJU in
SENJU's performing the obligations stipulated in this Article 11. SENJU
undertakes to cause AHP same confidentiality obligations as SENJU undertakes
under this License Agreement.

11.06    Notwithstanding the provision of Paragraph 11.01 and 1102, it is
understood that ACSENTIENT Manufacturer and ACSENTIENT Agent shall be included
in the definition of ACSENTIENT in ACSENTIENT's performing the obligations
stipulated in this Article 11. ACSENTIENT undertakes to cause ACSENTIENT
Manufacturer and ACSENTIENT Agent same confidentiality obligations as ACSENTIENT
undertakes under this License Agreement.

Article 12 - New Invention or Discovery

12.01    Notwithstanding the stipulation in paragraph 8.02 and 8.03 herein, in
the event that ACSENTIENT, ACSENTIENT Manufacturer, ACSENTIENT Agent, its
employees or consultant will make, conceive, reduce into practice or generate
any invention, discovery or know-how in the course or as a result of their
activities undertaken pursuant to this License Agreement, ACSENTIENT shall
notify SENJU of the invention, discovery or know-how immediately.

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                       11

<PAGE>

12.02    Upon being notified of the invention, discovery or know-how under
paragraph 12.01, SENJU shall initiate a negotiation with ACSENTIENT as to;

         (i)      whether or not the application for patent regarding the
invention, discovery or know-how shall be filed (if the Parties fail to agree,
ACSENTIENT shall have the right to file a patent application);

         (ii)     which party shall be responsible to prepare, file and
prosecute the patent application; and,

         (iii)    in which country such patent application shall be filed,
provided, however, that such patent application claiming the invention,
discovery or know-how recited in paragraph 12.01 shall be filed under the joint
names of SENJU and ACSENTIENT in any country or area in the world unless
otherwise agreed upon between the Parties;

12.03    Any external expense for the preparation, filing and prosecution of the
patent application to be filed under the joint names of the Parties under
paragraph 12.02 and for the maintenance of the patent rights incurred therefrom
shall equally be shared between the Parties unless otherwise agreed upon between
the Parties.

12.04    The ownership of such patent right covering the Invention, discovery or
know-how recited in paragraph 12.01 shall be equally shared between the Parties
and each Party shall have the right to use freely such invention, discovery or
know-how recited in paragraph 12.01 for any purpose. However, each Party shall
not transfer, assign, license, dispose or withdraw its share of the patent
application under paragraph 12.02 and 12.03 and the patent rights generated
therefrom without prior written consent of the other Party, and SENJU agrees not
to use such invention, discovery or know-how in the Territory. Provided,
however, that if ACSENTIENT's exclusive right granted by SENJU hereunder [ * ]
under paragraph 4.02, Senju [ * ] [ * ], such invention or discovery in the
Territory.

Article 13 - Representations and Warranties

13.01    SENJU represents and warrants the following with respect to the
Licensed Patent and Technical Information & Know-How;

         (i)      SENJU solely owns the entire right, title and interest or
right to license in and to the Licensed Patent and Technical Information &
Know-How;

         (ii)     SENJU has not granted any license or sublicense or entered
into any contract with any Third Party concerning the Licensed Patent and
Technical Information & Know-How within the Territory (except for the case where
ACSENTIENT's exclusive right granted by SENJU hereunder reverts to the
co-exclusive right under paragraph 4.02);

         (iii)    SENJU has not taken or failed to take any action that might
result in the invalidity or enforceability of the Licensed Patent against any
Third Party;

         (iv)     SENJU has no information, at the Effective Date that the
Licensed Patent and Technical Information & Know-How may be subject to challenge
or interference or be invalid or unenforceable; and

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                       12

<PAGE>

         (v)      SENJU has the full legal power, authority and right to enter
into this License Agreement and grant the exclusive license under the Patent
Rights and to perform its obligations under this License Agreement. Upon
execution and delivery by SENJU, this License Agreement will constitute a valid
and binding agreement of SENJU enforceable in accordance with its terms. The
execution, delivery and consummation of this License Agreement will not result
in the breach of or give rise to cause for termination of any agreement to which
SENJU may be a party which relates to the Patent Rights and Technical
Information & Know-How.

13.02    Nothing in this License Agreement or any license pursuant to it shall
be construed or implied as a representation or warranty by SENJU that the Patent
Right and Technical Information & Know-How are valid or that the
commercialization of the Preparation or any other activities of ACSENTIENT under
this License Agreement shall not be an infringement of the rights of Third Party
including, but not limited to, patent, know-how, trade-secret, trademark or
other intellectual property right of Third party.

13.03    In the event that SENJU or ACSENTIENT become aware of any actual or
threatened infringement by any Third Party upon SENJU proprietary right relating
to the Preparation, such party shall immediately notify the other Party in
writing. ACSENTIENT shall have the right to take whatever steps are necessary to
stop the infringement and recover the damages. Nothing herein obligates SENJU to
enter into litigation against such Third Party, provided in the event that
ACSENTIENT decides to enter into a litigation against such Third Party, SENJU
and ACSENTIENT shall collaborate and control over the conduct of any such action
including settlement thereof. SENJU and ACSENTIENT shall share equally the
litigation cost including the attorney's fee. However, SENJU's total liability
shall not exceed the milestone payments received from ACSENTIENT pursuant to
paragraph 3.01 herein. All proceeds resulting from the litigation pursuant to
this paragraph 13.03 shall be shared between SENJU and ACSENTIENT subject to the
Investment percentage for such litigation.

13.04    Notwithstanding paragraph 13.02, in the event of a claim or suit made
by Third Party against SENJU and/or ACSENTIENT for patent infringement involving
the manufacture, use, sale, importation, distribution or marketing of the
Preparation using the formulation including the future formulation which SENJU
uses in Japan, in the Territory, the Party sued shall promptly notify the other
Party in writing thereof.

In this case, following shall apply:

         (i)      ACSENTIENT shall have sole responsibility to defend such claim
or suit made by Third Party. SENJU may, at its option, to decide whether or not
SENJU is involved in the defense, provided, however, that regardless of whether
Senju decides to participate in the defense, it shall pay those litigation costs
specified in 13.04 (ii) below. SENJU shall cooperate in the defense to the
extent that SENJU shall provide any and all documents requested by ACSENTIENT to
substantiate the patent.

         (ii)     ACSENTIENT and Senju shall share equally the damages awarded
to, all litigation cost and attorney fees as a result of the suit or settlement
thereof. However, SENJU's total liability shall not exceed the milestone
payments received from ACSENTIENT pursuant to paragraph 3.01.

         (iii)    Notwithstanding paragraph 13.04 (ii), if ACSENTIENT is
obligated to pay a running royalty to the Third Party as a result of such claim
or suit made by said Third Party, SENJU and

                                       13

<PAGE>

ACSENTIENT shall equally share the burden of the running royalty. And the
percentage of running royalty paid by ACSENTIENT to SENJU under paragraph 4.01
herein shall be [ * ] [ * ] [ * ]. However, the running royalty to be paid from
ACSENTIENT to SENJU shall [ * ] of the Net Sales of the Preparation by
ACSENTIENT even if the running royalty to be paid from ACSENTIENT to SENJU
decreases due to the payment of running royalty to said Third Party. Upon the
termination or expiration of this License Agreement, SENJU shall be released
from any obligation to pay the running royalty to said Third Party even if
ACSENTIENT continues to commercialize the Preparation in the Territory.

13.05    In the event of a claim or suit made by Third Party against SENJU
and/or ACSENTIENT for patent infringement involving the manufacture, use, sale,
importation, distribution or marketing of the Preparation using the formulation
which ACSENTIENT develops by itself, the Party sued shall promptly notify the
other Party in writing thereof. In this case, ACSENTIENT shall settle or defend
the claim or suit under the sole responsibility of ACSENTIENT with its total
monetary obligation, and shall indemnify and hold harmless SENJU from said claim
or suit.

13.06    SENJU SHALL MAKE NO WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, WITH
RESPECT TO THE PREPARATION MANUFACTURED AND/OR SOLD HEREUNDER INCLUDING WITHOUT
LIMITATION ANY WARRANTY OF THE MERCHANTABILITY OR FITNESS FOR PARTICULAR PURPOSE
OF THE PREPARATION SOLD BY ACSENTIENT.

Article 14 - Indemnification

14.01    Except for SENJU's obligations to be imposed under Article 13 herein,
ACSENTIENT shall defend, indemnify and hold SENJU and AHP, their directors,
officers, shareholders, employees, consultants, contract workers and assigns
harmless from and against any lawsuit, claims, loss, damages or expenses
(including attorney's fees) arising from the Development Activities, the
manufacture, use or sale of the Preparation by ACSENTIENT, ACSENTIENT
Manufacturer or ACSENTIENT Agent.

14.02    Prior to the first administration of the Preparation manufactured by
ACSENTIENT to a human in accordance with this License Agreement, and for a
period of [ * ] after the expiration of this License Agreement or earlier
termination, ACSENTIENT shall obtain and/or maintain, at its sole cost and
expense, product liability insurance in an amount which is reasonable and
customary in the U.S. pharmaceutical industry for companies of comparable size.
Such product liability insurance shall insure against all liability, including
liability for personnel injury, physical injury and property damage.

Article 15 - Trademark

15.01    Trademark shall be selected and filed by ACSENTIENT in the name of
ACSENTIENT and at ACSENTIENT's expense, provided, however, that ACSENTIENT shall
not select and file "BRONUCK" as the Trademark for the Preparation. Upon the
registration of Trademark by USPTO (United States Patent and Trademark Office)
and at the request of SENJU, ACSENTIENT shall promptly assign ownership of the
Trademark to SENJU who will thereafter be obliged to maintain the Trademark
during the term of this License Agreement, provided that SENJU shall reimburse
to ACSENTIENT the external actual cost and fees incurred by ACSENTIENT.

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                       14

<PAGE>

15.02    If following the expiration or earlier termination of this License
Agreement, neither SENJU nor Third Party on behalf of SENJU desires to market,
sell and distribute the Preparation in the Territory, SENJU will, upon the
request of ACSENTIENT and in consideration of reimbursement to SENJU of all fees
and cost incurred by SENJU to obtain the right to the Trademark under paragraph
15.01 above, assign and transfer said Trademark to ACSENTIENT for use by
ACSENTIENT in marketing, selling and distributing of the Preparation in the
Territory.

Article 16 - Term and Termination

16.01    This License Agreement shall become effective as of the Effective Date
and shall be in full force and effect for ten (10) years after the First
Commercialization in the Territory.

16.02    Notwithstanding the stipulation of paragraph 16.01 above, either Party
may terminate this License Agreement at any time by giving notice to the other
party in the event;

         (i)      that either Party materially defaults or is in breach of the
performance of any material obligation imposed on it in this License Agreement
and such default is not remedied in all material aspects within [ * ] of receipt
of written demand from the notifying Party to cure the default,

         (ii)     that either Party assigns or makes any composition or
sequestration of its assets for the benefit of its creditors, or assigns its
rights hereunder partially or in their entirety to any Third Party without
express written consent of the other Party in breach of the stipulation in
Article 20 herein; and

         (iii)    that either Party becomes insolvent, goes into liquidation,
files a petition in bankruptcy, is adjudicated a bankrupt, is placed in judicial
receivership or provisional administration, or dissolves, or its financial
condition is such that it is unable to pay bills and obligations as and when due
and payable to its creditors.

16.03    If and when ACSENTIENT decides in its bona fide business judgment, to
give up its efforts to obtain Governmental Approval in the Territory and
notifies SENJU of such effect in writing, this License Agreement shall be
terminated upon receipt by SENJU of ACSENTIENT's notification thereof in
writing.

16.04    If this License Agreement is terminated by ACSENTIENT in accordance
with paragraph 16.03, ACSENTIENT shall promptly cease its Development Activity
and/or commercial activities, as the case may be, concerning the Preparation,
and, at its option, destroy the Preparation then stocked by ACSENTIENT including
the cost of the inventory, or sell the remaining inventory of the Preparation
and settle its obligation, if any, to pay any royalties or other payment due
under this License Agreement within [ * ] after the termination thereof. Upon
SENJU's request, ACSENTIENT shall return to SENJU all the Technical Information
& Know-How provided by SENJU under this License Agreement and shall assign to
SENJU, without any compensation all of the rights, titles and interests
pertaining to the Preparation including without limitation, all rights to
Government Approval in the Territory.

16.05    If this License Agreement is terminated by SENJU in accordance with
paragraph 16.02 (i), (ii) and/or (iii), ACSENTIENT shall promptly cease its
Development Activity and/or commercial activities of the Preparation, as the
case may be, and, if requested by SENJU, destroy the Preparation

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                       15

<PAGE>

then stocked by ACSENTIENT including the cost of the inventory, or, if requested
by SENJU sell the remaining inventory of the Preparation and settle its
obligation, if any, to pay any royalties or other payment due under this License
Agreement within [ * ] of ACSENTIENT's receipt of SENJU's notice of the
termination. Upon SENJU's request, ACSENTIENT shall return to SENJU all the
Technical Information & Know-How provided by SENJU under this License Agreement
and shall assign to SENJU, without any compensation all of the rights, titles
and interests pertaining to the Preparation including without limitation, all
rights to Government Approval in the Territory.

16.06    Notwithstanding anything to the contrary contained herein, in the event
of the execution by ACSENTIENT of any kind of agreement pursuant to which
ACSENTIENT would be controlled by, or be under common control with, or merge
into or consolidate with, any Third Party and ACSENTIENT loses controlling
interest in said Third Party (hereinafter called "Change of Control"), SENJU
shall have following options;

         (i)      to continue this License Agreement; or

         (ii)     to terminate this License Agreement at the end of the one (1)
year period following the Change of Control. In this case, all of the rights
granted by SENJU to ACSENTIENT under this License Agreement as well as
Governmental Approval, data and other information regarding the Preparation
provided by SENJU shall be returned to SENJU subject to SENJU's payment of the
fair and reasonable market value of such assets of the Preparation as negotiated
and agreed by the Parties. Upon such termination of this License Agreement,
ACSENTIENT will have no further obligation to make any running royalty payment
pursuant to this License Agreement.

Article 17 - Governing Laws and Arbitration

17.01    This License Agreement shall be governed by and interpreted in
accordance with the Laws of Japan.

17.02    All disputes, controversies or differences which may arise between the
Parties hereto or for the breach thereof shall be referred to and settled by
arbitration in accordance with the Arbitration Rules of the International
Chambers of Commerce as currently in force by one or more arbitrators appointed
under the Rules. Such arbitration hereunder shall be proceeded in English
language and shall be held in Japan. The determination of the arbitration shall
be final, binding and conclusive upon the Parties hereto.

Article 18 - Notice

Any notice to be given to a Party under or in connection with this License
Agreement shall be in writing and shall be (i) personally delivered, (ii)
delivered by a nationally recognized overnight courier or (iii) delivered by
certified mail, postage prepaid, return receipt requested to the Party at the
address set forth below for such Party:

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                       16

<PAGE>

         to SENJU:                                  to ACSENTIENT;

         Executive Vice President                   Chief Business Officer
         SENJU Pharmaceutical Co., Ltd.             AcSentient, Inc.
         5-8, Hiranomachi 2-chome                   110 Doric Court,
         Chuo-ku, Osaka, 541-0046                   Morrisville, NC 27560
         Japan                                      U.S.A.

or to such other address as to which the Party has given notice thereof.

Article 19 - Force Majeure

19.01    Neither Party hereto shall be liable for any failure to perform as
required through this License Agreement by reason of Force Majeure, to the
extent such failure to perform is due to circumstances reasonably beyond the
control of such Party, such as requisition or interference by any government,
state or local authorities, war, strikes, lockout or other labor disputes,
accidents, failure to secure required Government Approval, civil disorders or
commotions, act of aggression, acts of God, energy or other conservation
shortages, disease, or occurrences of a similar nature.

19.02    If and when any Party is hindered in its performance of its obligations
under this License Agreement by reason of Force Majeure, the performance of
those obligations shall be suspended for the duration of, but not longer than,
the continuance of such circumstances.

19.03    Either Party hereto whose performance of obligation has been hindered
by reason of Force Majeure shall inform the other Party immediately, and shall
use its reasonable best effort to overcome the effect of the Force Majeure.

Article 20 - Non-Assignability

This License Agreement is personal to the Parties hereto and shall not be
assignable to any Third Party by either Party without the prior express written
consent of the other Party, such consent not to be unreasonably withheld;
provided, however, subject to section 16.06, that no such approval shall be
required from SENJU if this License Agreement is assigned in connection with the
sale of all or substantially all of the assets or stock of ACSENTIENT, whether
by merger, acquisition or otherwise.

Article 21 - Authentic Text

This Text of this License Agreement in English language shall be the authentic
text, and any text in another language, even if such text is made by translation
of this Text of this License Agreement or prepared by any of the Parties hereto
for any purpose, shall have no meaning for any purpose between the Parties
hereto.

Article 22 - Entire Agreement

22.01    Secrecy Agreement and MOU shall be replaced by this License Agreement
as of the Effective Date so that Secrecy Agreement and MOU shall terminate
simultaneously. Notwithstanding the foregoing, the stipulations regarding
Timolol LA Ophthalmic Product in Article 10 through Article 18 in "Memorandum of
Understanding Concerning Bromfenac

                                       17

<PAGE>

Ophthalmic Product and Timolol LA Ophthalmic Product" dated 7th day of January
2002 between the Parties shall survive after the Effective Date of this License
Agreement.

22.02    This License Agreement shall constitute the entire agreement between
the Parties hereto concerning the subject matter hereof and shall supersede any
other agreements, whether oral or written, express or implied, and may not be
changed or modified or revised except as specifically agreed upon by the Parties
hereto in a written document bearing the respective signatures of the authorized
officers.

Article 23 - Separability

23.01    Even in the event that any portion of this License Agreement shall be
held illegal, void, ineffective or unenforceable, the remaining portion shall
remain in full force and effect.

23.02    If any of the terms or provisions of this License Agreement are in
conflict with any applicable statute or rule of law, such terms and provisions
shall be deemed inoperative to the extent that may conflict therewith and shall
be deemed to be modified to conform with such statute or rule of law.

23.03    In the event that the terms and conditions of this License Agreement
are materially altered as a result of the provision in paragraph 23.02, the
Parties will re-negotiate the terms and conditions of this License Agreement to
resolve any inequities.

IN WITNESS WHEREOF, SENJU and ACSENTIENT have caused this License Agreement to
be executed in duplicate counterparts by their duly authorized officers, each
fully executed copy hereof to be deemed as original, as of the date and year
first above written.

         SENJU:                                          ACSENTIENT:

         Senju Pharmaceutical Co. Ltd.                   AcSentient, Inc.

signature:  /s/ Shoji Yoshida                signature:  /s/ John T. Musante
          ----------------------------                 ------------------------

name:  Shoji Yoshida                         name:    John T. Musante

title: President                             title:   Chief Business Officer

                                       18

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