Document:

EXHIBIT 10.2

          NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE
          UPON EXERCISE OF THIS WARRANT (TOGETHER, THE "SECURITIES")
          HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
          AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD,
          OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE
          TRANSFERRED OR DISPOSED OF IN THE ABSENCE OF A REGISTRATION
          STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER
          SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE
          COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

NO. W-2004-_                                                UP TO 956,873 SHARES
                                                          (subject to adjustment
                                                         pursuant to Section 11)

                        WARRANT TO PURCHASE COMMON STOCK
                                       OF
                            A-FEM MEDICAL CORPORATION
                            VOID AFTER JULY 31, 2011

<TABLE>
<CAPTION>
<S>                  <C>                                               <C>
Between:             A-FEM MEDICAL CORPORATION (f/k/a Athena Medical
                     Corporation),                                     the "Company"
                     a Nevada corporation

And:                 GOLDMAN, SACHS & CO.,
                     a New York limited partnership                         "Holder"

Warrant Issue Date:  October 29, 2004 (the "Warrant Issue Date")
                                            ------------------
</TABLE>

     This certifies that, for value received, Holder is entitled, subject to the
terms set forth below, to purchase from the Company, up to 956,873 shares (as
adjusted subject to the terms of Section 11) (the "Warrant Shares") of Common
                                 -----------       --------------
Stock of the Company ("Common Stock"), as constituted on the Warrant Issue Date,
                       ------------
upon surrender hereof, at the principal office of the Company referred to below,
with the subscription form attached hereto duly completed and executed, and
simultaneous payment therefor in lawful money of the United States or otherwise
as hereinafter provided, at the Exercise Price (as defined in Section 2). The
                                                              ---------
number of Warrant Shares and the Exercise Price are subject to adjustment
pursuant to Section 11. The term "Warrant" as used herein shall include this
            -----------
Warrant and any warrants delivered in substitution or exchange therefor as
provided herein.

     1.     Term of Warrant. Subject to the terms and conditions set forth
            ----------------
herein, this Warrant shall be exercisable, in whole or in part, during the term
(the "Term") commencing on the Warrant Issue Date (referenced above) and ending
      ----
on the earliest to occur of:
       --------

          (a)     At 5:00 p.m., Pacific Standard Time, on July 31, 2011;

                                        1       WARRANT TO PURCHASE COMMON STOCK
<PAGE>
          (b)     The closing of the sale of 100% of the issued and outstanding
Common Stock of the Company, whether by merger with or into any entity or by
sale of such Common Stock by the holders thereof, other than to (i) any of the
persons named as the "Buyers" under the terms of the Stock and Warrant Purchase
Agreement among Company, Holder and such Buyers and dated contemporaneously with
this Warrant, or any affiliates of such persons, or (ii) the Company or any of
its officers or directors, or any of their respective affiliates; or

          (c)     Ten business days after Holder receives notice from the
Company that shares of Common Stock closed at or above $2.50 per share
(appropriately adjusted in accordance with Section 11) for 20 days during any
                                           -----------
period of 30 consecutive days where an average of not less than 250,000 shares
were traded on each of such 20 days.

     2.     Exercise Price. The exercise price at which this Warrant may be
            ---------------
exercised shall be Fifty Cents ($0.50) per share of Common Stock (the "Exercise
                                                                       --------
Price"), as adjusted from time to time pursuant to Section 11.
-----                                              -----------

     3.     Exercise of Warrant.
            --------------------

          (a)     Method. The purchase rights represented by this Warrant are
                  -------
exercisable by the Holder in whole or in part, but not for less than 10,000
Warrant Shares at a time (or such lesser number of shares which may then
constitute the maximum number purchasable; such number being subject to
adjustment as provided in Section 11), at any time, or from time to time, during
                          ----------
the Term, by the surrender of this Warrant and the Notice of Exercise annexed
hereto duly completed and executed on behalf of the Holder, at the office of the
Company (or such other office or agency of the Company as it may designate by
notice in writing to the Holder at the address of the Holder appearing on the
books of the Company), upon payment in cash or by wire transfer or cashier's
check acceptable to the Company.

          (b)     Time of Exercise. This Warrant shall be deemed to have been
                  -----------------
exercised immediately prior to the close of business on the date of its
surrender for exercise as provided above, and the person entitled to receive the
Warrant Shares issuable upon such exercise shall be treated for all purposes as
the holder of record of such shares as of the close of business on such date. As
promptly as practicable on or after such date and in any event within ten days
thereafter, the Company at its expense shall issue and deliver to the person or
persons entitled to receive the same a certificate or certificates for the
number of Warrant Shares issuable upon such exercise. In the event that this
Warrant is exercised in part, the Company at its expense will execute and
deliver a new warrant of like tenor exercisable for the number of Warrant Shares
for which this Warrant may then be exercised.

     4.     No Fractional Shares or Scrip. No fractional Warrant Shares or scrip
            ------------------------------
representing fractional Warrant Shares shall be issued upon the exercise of this
Warrant. In lieu of any fractional Warrant Share to which the Holder would
otherwise be entitled, the Company shall make a cash payment equal to the
Exercise Price multiplied by such fraction.

     5.     Replacement of Warrant. On receipt of evidence reasonably
            -----------------------
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of loss, theft or destruction, on delivery of an
indemnity agreement reasonably satisfactory in form and

                                        2       WARRANT TO PURCHASE COMMON STOCK
<PAGE>
substance to the Company or, in the case of mutilation, on surrender and
cancellation of this Warrant, the Company at its expense shall execute and
deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

     6.     Rights of Stockholders. The Holder shall not be entitled to vote or
            -----------------------
receive dividends or be deemed the holder of Common Stock or any other
securities of the Company that may at any time be issuable on the exercise
hereof for any purpose, nor shall anything contained herein be construed to
confer upon the Holder, as such, any of the rights of a stockholder of the
Company or any right to vote for the election of directors or upon any matter
submitted to stockholders at any meeting thereof, or to give or withhold consent
to any corporate action (whether upon any recapitalization, issuance of stock,
reclassification of stock, change of par value, or change of stock to no par
value, consolidation, merger, conveyance, or otherwise) or to receive notice of
meetings, or to receive dividends or subscription rights or otherwise until this
Warrant shall have been exercised as provided herein.

     7.     Transfer of Warrant.
            --------------------

          (a)     Warrant Register. The Company will maintain a register (the
                  -----------------
"Warrant Register") containing the name and address of the Holder and any
 ---------------
assignee hereof. The Holder may change his or her address as shown on the
Warrant Register by written notice to the Company requesting such change. Any
notice or written communication required or permitted to be given to the Holder
may be delivered or given by mail to such Holder as shown on the Warrant
Register and at the address shown on the Warrant Register. Until this Warrant is
transferred on the Warrant Register of the Company, the Company may treat the
Holder as shown on the Warrant Register as the absolute owner of this Warrant
for all purposes, notwithstanding any notice to the contrary.

          (b)     Warrant Agent. The Company may, by written notice to the
                  --------------
Holder, appoint an agent for the purpose of maintaining the Warrant Register
referred to in Section 7(a), issuing the Common Stock or other securities then
issuable upon the exercise of this Warrant, exchanging this Warrant, replacing
this Warrant, or any or all of the foregoing. Thereafter, any such registration,
issuance, exchange, or replacement, as the case may be, shall be made at the
office of such agent.

          (c)     Transferability and Non-negotiability of Warrant. This Warrant
                  -------------------------------------------------
may not be transferred or assigned in whole or in part without compliance with
all applicable federal and state securities laws by the transferor and the
transferee (including the delivery of investment representation letters and
legal opinions reasonably satisfactory to the Company, if such are requested by
the Company). Subject to the provisions of this Warrant with respect to
compliance with the Securities Act of 1933, as amended (the "Act"), title to
                                                             ---
this Warrant may be transferred by endorsement (by the Holder executing the
Assignment Form annexed hereto) and delivery in the same manner as a negotiable
instrument transferable by endorsement and delivery.

          (d)     Exchange of Warrant Upon a Transfer. On surrender of this
                  ------------------------------------
Warrant for exchange, properly endorsed on the Assignment Form and subject to
the provisions of this Warrant with respect to compliance with the Act and with
the limitations on assignments and transfers and contained in this Section 7,
                                                                   ----------
the Company at its expense shall issue to or on the

                                        3       WARRANT TO PURCHASE COMMON STOCK
<PAGE>
order of the Holder a new warrant or warrants of like tenor, in the name of the
Holder or as the Holder (on payment by the Holder of any applicable transfer
taxes) may direct, for the number of shares issuable upon exercise hereof.

          (e)     Compliance with Securities Laws.
                  --------------------------------

               (i) The Holder, by acceptance hereof, acknowledges that this
          Warrant and the Warrant Shares to be issued upon exercise hereof are
          being acquired by the Holder for investment, and not with a current
          view to offer, sell or otherwise dispose of this Warrant or any shares
          of Common Stock to be issued upon exercise hereof except under
          circumstances that will not result in a violation of the Act or any
          state securities laws. Upon exercise of this Warrant, the Holder
          shall, if requested by the Company, confirm in writing, in a form
          satisfactory to the Company, that the Warrant Shares so purchased are
          being acquired solely by Holder for investment and that Holder is an
          "accredited investor" as such term is defined in Regulation D
          promulgated under the Act, and not with a view toward distribution or
          resale.

               (ii) All Warrant Shares issued upon exercise hereof or conversion
          thereof shall be stamped or imprinted with a legend in substantially
          the following form (in addition to any legend required by state
          securities laws):

     "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
     UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR APPLICABLE
     STATE LAW AND NO INTEREST THEREIN MAY BE SOLD, OFFERED FOR SALE,
     DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED, HYPOTHECATED OR OTHERWISE
     TRANSFERRED UNLESS (I) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER
     THE ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION
     INVOLVING SAID SECURITIES, (II) THIS CORPORATION RECEIVES AN OPINION OF
     LEGAL COUNSEL FOR THE HOLDER OF THESE SECURITIES SATISFACTORY TO THIS
     CORPORATION STATING THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION, OR
     (III) THIS CORPORATION OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS
     EXEMPT FROM REGISTRATION."

     8.     Reservation of Stock. The Company covenants that during the term
            ---------------------
this Warrant is exercisable, the Company will reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance
of Common Stock upon the exercise of this Warrant and, from time to time, will
take all steps necessary to amend its articles of incorporation or other charter
documents to provide sufficient reserves of shares of Common Stock issuable upon
exercise of this Warrant. The Company further covenants that all shares that may
be issued upon the exercise of rights represented by this Warrant and payment of
the Exercise Price, all as set forth herein, will be free from all taxes, liens
and charges in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously or otherwise specified herein). The Company
agrees that its issuance of this Warrant shall

                                        4       WARRANT TO PURCHASE COMMON STOCK
<PAGE>
constitute full authority to its officers who are charged with the duty of
executing stock certificates to execute and issue the necessary certificates for
shares of Common Stock upon the exercise of this Warrant.

     9.     Notices.
            --------

          (a)     Certificate as to Adjustments. Upon the occurrence of each
                  ------------------------------
adjustment or readjustment pursuant to Section 11, the Company at its expense
                                       -----------
shall promptly compute such adjustment or readjustment in accordance with the
terms hereof and furnish to the Holder a certificate signed by the Chief
Financial Officer of the Company setting forth, in reasonable detail, the event
requiring the adjustment, the amount of the adjustment, the method by which such
adjustment was calculated, the number of Warrant Shares purchasable hereunder
and the Exercise Price therefor after giving effect to such adjustment, or
readjustment, and shall cause a copy of such certificate to be mailed (by
first-class mail, postage prepaid) to the Holder. The Company shall, upon the
written request, at any time, of any such Holder, furnish or cause to be
furnished to such Holder a like certificate setting forth: (i) such adjustments
and readjustments; (ii) the Exercise Price at the time in effect; and (iii) the
number of shares and the amount, if any, of other property that at the time
would be received upon the exercise of this Warrant.

          (b)     Notice of Certain Events. In case:
                  -------------------------

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

               (ii) of any capital reorganization of the Company, any
          reclassification of the capital stock of the Company, any
          consolidation or merger of the Company with or into another
          corporation, or any conveyance of all or substantially all of the
          assets of the Company to another corporation, or

               (iii) of any voluntary dissolution, liquidation or winding-up of
          the Company,

then, and in each such case, the Company will mail or cause to be mailed to the
Holder or Holders a notice specifying, as the case may be, (A) the date on which
a record is to be taken for the purpose of such dividend, distribution or right,
and stating the amount and character of such dividend, distribution or right, or
(B) the date on which such reorganization, reclassification, consolidation,
merger, conveyance, dissolution, liquidation or winding-up is to take place, and
the time, if any is to be fixed, as of which the holders of record of Common
Stock (or such stock or securities at the time receivable upon the exercise of
this Warrant) shall be entitled to exchange their shares of Common Stock (or
such other stock or securities) for securities or other property deliverable
upon such reorganization, reclassification, consolidation, merger, conveyance,
dissolution, liquidation or winding-up and (C) if applicable, that the Company
expects that the Warrant will terminate pursuant to Section l(b) as a result of
the consummation of such event. Such notice shall be mailed at least 15 days
prior to the date therein specified.

                                        5       WARRANT TO PURCHASE COMMON STOCK
<PAGE>
          (c)     Receipt. All such notices, advices and communications shall be
                  --------
deemed to have been received (i) in the case of personal delivery or delivery by
nationally-recognized overnight courier, on the date of such delivery, (ii) in
the case of mailing, on the third business day following the date of such
mailing, and (iii) in the case of facsimile delivery, upon confirmed facsimile
transmission.

     10.     Amendments.
             -----------

          (a)     Method, Effect and Notice. Any term of this Warrant may be
                  --------------------------
amended only with the written consent of the Company and the Holder.

          (b)     Waivers. No waivers of, or exceptions to, any term, condition
                  --------
or provision of this Warrant, in any one or more instances, shall be deemed to
be, or construed as, a further or continuing waiver of any such term, condition
or provision.

     11.     Adjustments. The number of Warrant Shares and the Exerice Price are
             ------------
subject to adjustment from time to time as follows:

          (a)     Merger, Sale of Assets, etc. Subject to the terms of Section
                  ----------------------------
l(b), if at any time while this Warrant, or any portion thereof, is outstanding
and unexpired there shall be (i) a reorganization (other than a combination,
reclassification, exchange or subdivision of shares otherwise provided for
herein), (ii) a merger or consolidation of the Company with or into another
corporation in which the Company is not the surviving entity, or a reverse
triangular merger in which the Company is the surviving entity but the shares of
the Company's capital stock outstanding immediately prior to the merger are
converted by virtue of the merger into other property, whether in the form of
securities, cash, or otherwise, or (iii) a sale or transfer of the Company's
properties and assets as, or substantially as, an entirety to any other person,
then, as a part of such reorganization, merger, consolidation, sale or transfer,
lawful provision shall be made so that the Holder shall thereafter be entitled
to receive upon exercise of this Warrant, during the period specified herein and
upon payment of the Exercise Price then in effect, the number of shares of stock
or other securities or property of the successor corporation resulting from such
reorganization, merger, consolidation, sale or transfer that a holder of the
Warrant Shares deliverable upon exercise of this Warrant would have been
entitled to receive in such reorganization, consolidation, merger, sale or
transfer if this Warrant had been exercised immediately before such
reorganization, merger, consolidation, sale or transfer, all subject to further
adjustment as provided in this Section 11. The foregoing provisions of this
                               -----------
Section 11 (a) shall similarly apply to successive reorganizations,
-------------
consolidations, mergers, sales and transfers and to the stock or securities of
any other corporation that are at the time receivable upon the exercise of this
Warrant. If the per-share consideration payable to the holder hereof for shares
in connection with any such transaction is in a form other than cash or
marketable securities, then the value of such consideration shall be determined
in good faith by the Board of Directors of the Company (the "Board"). In all
                                                             -----
events, appropriate adjustment (as determined in good faith by the Board) shall
be made in the application of the provisions of this Warrant with respect to the
rights and interests of the Holder after the transaction, to the end that the
provisions of this Warrant shall be applicable after that event, as near as
reasonably may be, in relation to any shares or other property deliverable after
that event upon exercise of this Warrant.

                                        6       WARRANT TO PURCHASE COMMON STOCK
<PAGE>
          (b)     Reclassification, etc. If the Company, at any time while this
                  ----------------------
Warrant, or any portion thereof, remains outstanding and unexpired by
reclassification of securities or otherwise, shall change any of the securities
as to which purchase rights under this Warrant exist into the same or a
different number of securities of any other class or classes, this Warrant shall
thereafter represent the right to acquire such number and kind of securities as
would have been issuable as the result of such change with respect to the
securities that were subject to the purchase rights under this Warrant
immediately prior to such reclassification or other change and the Exercise
Price therefor shall be appropriately adjusted, all subject to further
adjustment as provided in this Section 11.
                               -----------

          (c)     Split, Subdivision or Combination of Shares. If the Company at
                  --------------------------------------------
any time while this Warrant, or any portion thereof, remains outstanding and
unexpired shall split, subdivide or combine the securities as to which purchase
rights under this Warrant exist, into a different number of securities of the
same class, the Exercise Price for such securities shall be proportionately
decreased in the case of a split or subdivision or proportionately increased in
the case of a combination, and the number of shares for which this Warrant is
exercisable shall be proportionately increased in the case of a split or
subdivision or proportionately decreased in the case of combination.

          (d)     Adjustments for Dividends in Stock or Other Securities or
                  ---------------------------------------------------------
Property. If while this Warrant, or any portion hereof, remains outstanding and
--------
unexpired the holders of the securities as to which purchase rights under this
Warrant exist at the time shall have received, or, on or after the record date
fixed for the determination of eligible stockholders, shall have become entitled
to receive, without payment therefor, other or additional stock or other
securities or property (other than cash) of the Company by way of dividend, then
and in each case, this Warrant shall represent the right to acquire, in addition
to the number of shares of the security receivable upon exercise of this
Warrant, and without payment of any additional consideration therefor, the
amount of such other or additional stock or other securities or property (other
than cash) of the Company that such holder would hold on the date of such
exercise had it been the holder of record of the security receivable upon
exercise of this Warrant on the date hereof and had thereafter, during the
period from the date hereof to and including the date of such exercise, retained
such shares and/or all other additional stock available by it as aforesaid
during such period, giving effect to all adjustments called for during such
period by the provisions of this Section 11.
                                 -----------

          (e)     Duty to Make Fair Adjustments in Certain Cases. If any event
                  -----------------------------------------------
occurs as to which in the opinion of the Board the other provisions of this
Section 11 are not strictly applicable or if strictly applicable would not
----------
fairly protect the purchase rights of this Warrant in accordance with the
essential intent and principles of such provisions, then the Board shall make an
adjustment in the application of such provisions, in accordance with such
essential intent and principals, so as to protect such purchase rights as
aforesaid, but in no event shall any such adjustment have the effect of
increasing the Exercise Price as otherwise determined pursuant to this Section
                                                                       -------
11.
---

          (f)     No Impairment The Company will not, by any voluntary action,
                  -------------
avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Company, but will at all times in good
faith assist in the carrying out of all the

                                        7       WARRANT TO PURCHASE COMMON STOCK
<PAGE>
provisions of this Section 11 and in the taking of all such action as may be
                   ----------
necessary or appropriate in order to protect the rights of the Holders of this
Warrant against impairment.

     12.     Miscellaneous.
             --------------

          (a)     Survival of Warranties. The warranties, representations and
                  -----------------------
covenants of the Company and Holder contained in or made pursuant to this
Warrant shall survive the execution and delivery of this Warrant and shall in no
way be affected by any investigation of the subject matter thereof made by or on
behalf of Holder or the Company.

          (b)     Successors and Assigns. Except as otherwise provided herein,
                  -----------------------
the terms and conditions of this Warrant shall inure to the benefit of and be
binding upon the respective successors and assigns of the parties (including
transferees of Warrant Shares issued upon exercise of this Warrant). Nothing in
this Warrant, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors and assigns any rights,
remedies, obligations, or liabilities under or by reason of this Warrant, except
as expressly provided in this Warrant.

          (c)     Governing Law. This Warrant shall be governed by and construed
                  --------------
under the laws of the State of Oregon without reference to such state's choice
of law rules.

          (d)     Titles and Subtitles. The titles and subtitles used in this
                  ---------------------
Warrant are used for convenience only and are not to be considered in construing
or interpreting this Warrant.

          (e)     Notices. Unless otherwise provided, any notice required or
                  --------
permitted under this Warrant shall be given in writing and shall be deemed
effectively given upon personal delivery or delivery by nationally-recognized
overnight courier to the party to be notified, or three days after deposit with
the United States Post Office, by registered or certified mail, postage prepaid
and addressed to the party to be notified, or upon confirmed facsimile
transmission, at the address or facsimile number indicated for such party on the
signature page hereof, or at such other address or facsimile number as such
party may designate by ten days' advance written notice to the other parties.

          (f)     Attorneys' Fees. Should any litigation be commenced between
                  ----------------
the parties concerning this Warrant or the transactions contemplated hereby, the
prevailing party in such litigation shall be entitled, in addition to such other
relief as may be granted, to receive from the losing party a reasonable sum as
and for its attorneys' fees, at trial, on appeal or in connection with any
petition for review, said amount to be set by the court before which the matter
is heard.

          (g)     Severability. If one or more pro visions of this Warrant are
                  -------------
held to be unenforceable under applicable law, such provision shall be excluded
from this Warrant and the balance of this Warrant, shall be interpreted as if
such provision were so excluded and shall be enforceable in accordance with its
terms.

          (h)     Construction.
                  -------------

               (i) For purposes of this Warrant, whenever the context requires:
          the singular number shall include the plural and vice versa; the
          masculine gender

                                        8       WARRANT TO PURCHASE COMMON STOCK
<PAGE>
          shall include the feminine and neuter genders; the feminine gender
          shall include the masculine and neuter genders; and the neuter gender
          shall include the masculine and feminine genders.

               (ii) The parties hereto agree that any rule of construction to
          the effect that ambiguities are to be resolved against the drafting
          party shall not be applied in the construction or interpretation of
          this Warrant.

               (iii) Except as otherwise indicated, all references in this
          Warrant to "Sections" are intended to refer to Sections of this
          Warrant.

                            [Signature page follows.]

                                        9       WARRANT TO PURCHASE COMMON STOCK
<PAGE>
          IN WITNESS WHEREOF, the parties have executed this Warrant as of the
Warrant Issuance Date.

<TABLE>
<CAPTION>
<S>                                    <C>
A-FEM MEDICAL CORPORATION              GOLDMAN, SACHS & CO.

By:                                    By:
   ----------------------------------     -------------------------------------

Name:                                  Name:
     --------------------------------       -----------------------------------

Its:                                   Its:
    ---------------------------------      ------------------------------------

Address: P.O. Box 2900                 Address: 85 Broad Street
         Wilsonville, OR 97070                  New York, NY 10004
         Attention: William Fleming             Attention: Lance West,
                                                Managing Director
</TABLE>

             SIGNATURE PAGE TO THE WARRANT TO PURCHASE COMMON STOCK
<PAGE>
                               NOTICE OF EXERCISE

To:  A-Fem Medical Corporation

     (1)     The undersigned hereby elects to purchase ____________ shares of
Common Stock ("Common Stock") of A-Fem Medical Corporation pursuant to the terms
               ------------
of the attached Warrant to Purchase Common Stock (the "Warrant"), and tenders
                                                       -------
herewith payment of the aggregate Exercise Price (as defined in the Warrant)
therefor in full.

     (2)     In exercising the Warrant, the undersigned hereby confirms and
acknowledges that the shares of Common Stock to be issued upon conversion
thereof are being acquired by the undersigned for investment, and that the
undersigned will not offer, sell or otherwise dispose of any such shares of
Common Stock except under circumstances that will not result in a violation of
the Securities Act of 1933, as amended, or any state securities laws.

     (3)     Please issue a certificate or certificates representing said shares
of Common Stock in the name of the undersigned or in such other name as is
specified below:

                                       ----------------------------------------
                                       (Name)

                                       ----------------------------------------
                                       (Name)

     (4)     Please issue a new Warrant for the unexercised portion of the
attached Warrant in the name of the undersigned or in such other name as is
specified below:

                                       ----------------------------------------
                                       (Name)

------------------------------------  ----------------------------------------
(Date)                                (Signature)

<PAGE>
                                 ASSIGNMENT FORM

     FOR VALUE RECEIVED, the undersigned registered owner of this Warrant hereby
sells,  assigns and transfers unto the Assignee named below all of the rights of
the  undersigned  under the within Warrant, with respect to the number of shares
of  Common  Stock  set  forth  below:

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

and does hereby irrevocably constitute and appoint ______________ Attorney to
make such transfer on the books of A-Fem Medical Corporation, maintained for the
purpose, with full power of substitution in the premises.

     The  undersigned  also  represents that, by assignment hereof, the Assignee
acknowledges  that  this  Warrant  and  the  shares  of  stock to be issued upon
exercise hereof are being acquired for investment and that the Assignee will not
offer,  sell  or  otherwise dispose of this Warrant or any shares of stock to be
issued  upon  exercise  hereof  or conversion thereof except under circumstances
which  will not result in a violation of the Securities Act of 1933, as amended,
or  any  state securities laws. Further, the Assignee has acknowledged that upon
exercise  of  this  Warrant,  the  Assignee  shall, if requested by the Company,
confirm  in  writing,  in a form satisfactory to the Company, that the shares of
stock  so purchased are being acquired for investment and not with a view toward
distribution  or  resale.

Dated:
      ------------

                                       ----------------------------------------
                                       Signature of HolderEXHIBIT 10.3

                            INVESTOR RIGHTS AGREEMENT

     This Investor Rights Agreement (this "AGREEMENT") is made as of October 29,
2004 (the "AGREEMENT DATE"), by and among A-Fem Medical Corporation, a Nevada
corporation (the "COMPANY"), and the individuals and entities listed on Exhibit
A hereto (each an "INVESTOR").

                                   BACKGROUND

     A.     The Company, the Investors and Goldman, Sachs & Co., a New York
limited partnership ("GOLDMAN"), have entered into a Stock and Warrant Purchase
Agreement (the "PURCHASE AGREEMENT") of even date herewith pursuant to which
Goldman desires to sell to the Investors and the Investors desire to purchase
from Goldman the Shares (as such term is defined in the Purchase Agreement) and
Warrants (as such term is defined in the Purchase Agreement).

     B.     A condition to the obligations under the Purchase Agreement is that
the Company and the Investors enter into this Agreement in order to provide (i)
the Investors with certain rights of first offer with respect to certain
issuances by the Company of its securities and (ii) the holders of a majority of
the shares of Series A Preferred Stock the right to nominate two members of the
Board of Directors of the Company.

                                    AGREEMENT

     In consideration of the mutual agreements contained in this Agreement, the
parties agree as follows:

     1.     RIGHT OF FIRST OFFER. Subject to the terms and conditions specified
in this Section 1, the Company grants to each Investor a right of first offer
with respect to future sales by the Company of any shares of, or securities
convertible into or exercisable for any shares of, any class of its capital
stock or any other securities of the Company ("ADDITIONAL SECURITIES"). Each
time the Company proposes to offer Additional Securities to any person (an
"PROPOSED OFFER"), the Company shall first make an offering of such Additional
Securities to each Investor in accordance with this Section 1.

          1.1     With respect to each Proposed Offer, the Company shall deliver
a notice (an "OFFER NOTICE") to each Investor stating (i) the Company's bona
fide intention to offer Additional Securities, (ii) the number of Additional
Securities to be offered, and (iii) the price and terms, if any, upon which it
proposes to offer such Additional Securities.

          1.2     Within 15 calendar days after delivery of the Offer Notice
(the "ELECTION PERIOD"), each Investor shall have the right to elect to purchase
or obtain, at the price and on the terms specified in the Offer Notice, up to
that portion of the Additional Securities subject to such Offer Notice equal to
the proportion that the number of shares of Common Stock of the Company ("COMMON
STOCK") issued and held, or issuable upon conversion and exercise of all
convertible or exercisable securities then held, by such Investor bears to the
total number of shares of Common Stock then outstanding (assuming full
conversion and exercise of all convertible or exercisable securities) (the "PRO
RATA SHARE").

                                        1              INVESTOR RIGHTS AGREEMENT
<PAGE>
          1.3     The Company shall deliver to each Investor, within 5 calendar
days after the expiration of the Election Period, a notice setting forth the
amount of Additional Securities to be purchased by each Investor and the
percentage of such Investor's Pro Rata Share that such purchase represents (the
"ELECTION RESULTS NOTICE").

          1.4     The Company may, during the 30-day period following the
expiration of the Election Period, offer the remaining unsubscribed portion of
the Additional Securities to any person or persons at a price not less than, and
upon terms no more favorable to the offeree than those specified in the Offer
Notice. If the Company does not enter into an agreement for the sale of the
Additional Securities within such period, or if such agreement is not
consummated within 20 days of the execution thereof, the rights provided to the
Investors hereunder shall be deemed to be revived and such Additional Securities
shall not be offered unless first reoffered to the Investors in accordance
herewith.

          1.5     The right of first offer in this Section 1 shall not be
applicable (i) to the issuance or sale of capital stock of the Company (or
warrants or options therefor) to employees, consultants and directors, for
compensation purposes pursuant to plans or agreements approved by the Board;
(ii) to the issuance of securities pursuant the exercise or conversion of
outstanding options, warrants, notes or other rights to acquire securities of
the Company; (iii) to the issuance of securities in connection with a bona fide
business acquisition of or by the Company, whether by merger, consolidation,
sale of assets, sale or exchange of stock or otherwise; and (iv) to the issuance
of securities pursuant to any stock split, stock dividend or recapitalization by
the Company. In addition to the foregoing, the right of first offer in this
Section 1 shall not apply with respect to any Investor and any subsequent
securities issuance, if (a) at the time of such subsequent securities issuance,
the Investor is not an "accredited investor," as that term is then defined in
Rule 501(a) under the Securities Act of 1933, as amended, and (b) such
subsequent securities issuance is otherwise being offered only to accredited
investors.

     2.     PURCHASE RIGHT FOR FAILURE TO EXERCISE RIGHT OF FIRST OFFER. If with
respect to any Proposed Offer an Investor shall fail to purchase its entire Pro
Rata Share of the Additional Securities subject to such Proposed Offer (a
"NON-PARTICIPATING INVESTOR"), then, with the written consent of Investors
holding at least a majority of the shares of Common Stock (assuming conversion
of all convertible securities then held by the Investors) then held by all of
the Investors ("DILUTED INVESTOR SHARES"), the Investors which are not
Non-Participating Investors (the "PARTICIPATING INVESTORS") shall collectively
have a right, exercisable within 10 business days after the Elections Result
Notice to purchase from each Non-Participating Investor all of such
Non-Participating Investor's Shares at a purchase price equal to the aggregate
amount of the Purchase Price (as such term is defined in the Purchase Agreement)
paid by such Non-Participating Investor pursuant to the Purchase Agreement. If
more than one Participating Investor elects to purchase a Non-Participating
Investor's Shares pursuant to the foregoing sentence, each electing
Participating Investor shall each have a right to purchase a portion of such
Non-Participating Investor's Shares equal to the quotient of (x) the number of
Diluted Investor Shares held such electing Participating Investor divided by (y)
                                                                  ----------
the aggregate number of Diluted Investor Shares held by all electing
Participating Investors, or such other allocation as may be agreed to among such
electing Participating Investors.

                                        2              INVESTOR RIGHTS AGREEMENT
<PAGE>
     3.     LOCK-UP.

          3.1     PERIOD OF LOCK-UP. Each Investor agrees that, with respect to
each Proposed Offer, such Investor shall not, directly or indirectly, sell,
offer to sell, contract to sell (including any short sale), grant any option to
purchase or otherwise transfer or dispose of any securities of the Company
beneficially owned by such Investor at any time during the period beginning on
the date of the Offer Notice relating to such Proposed Offer and ending on (a)
the date 180 days after the date of the closing of the purchase and sale of the
Additional Securities which are the subject of such Proposed Offer, if such
Investor is a Non-Participating Investor with respect to such Proposed Offer, or
(b) the date of the closing of the purchase and sale of Additional Securities by
such Investor, if such Investor is a Participating Investor with respect to such
Proposed Offer.

          3.2     STOP-TRANSFER INSTRUCTIONS. In order to enforce the covenants
in Section 3.1, the Company may impose stop-transfer instructions with respect
to securities of the Company held by each Investor.

          3.3     WAIVER OF LOCK-UP. The restrictions set forth in Sections 3.1
and 3.2 may be waived from time to time by Investors holding a majority of the
shares of Common Stock (assuming conversion and exercise of all convertible or
exercisable securities then held by the Investors and as adjusted for stock
splits, stock dividends or recapitalizations) then held by the Investors

          3.4     LEGEND. Each certificate or other instrument representing
securities of the Company held by each Investor may be endorsed with the
following legend:

          THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
          LOCK-UP AGREEMENT, AS SET FORTH IN THAT CERTAIN INVESTOR RIGHTS
          AGREEMENT ENTERED INTO BETWEEN THE ORIGINAL HOLDER OF THIS CERTIFICATE
          AND THE COMPANY, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL
          OFFICE OF THE COMPANY. THE LOCK-UP AGREEMENT IS BINDING ON TRANSFEREES
          OF THIS CERTIFICATE.

     4.     SERIES A BOARD REPRESENTATIVE.

          4.1     So long as the Investors collectively hold at least 4,000,000
shares of Common Stock (assuming conversion and exercise of all convertible or
exercisable securities then held by the Investors and as adjusted for stock
splits, stock dividends or recapitalizations), the holders of a majority of such
shares shall be entitled to designate two nominees to the Board of Directors of
the Company (the "BOARD") and the Board shall nominate such designated persons
for election to the Board at the next meeting of the shareholders of the
Company.

          4.2     So long as the Investors collectively hold at least 2,000,000
but less than 4,000,000 shares of Common Stock (assuming conversion and exercise
of all convertible or exercisable securities then held by the Investors and as
adjusted for stock splits, stock dividends

                                        3              INVESTOR RIGHTS AGREEMENT
<PAGE>
or recapitalizations), the holders of a majority of such shares shall be
entitled to designate one nominee to the Board and the Board shall nominate such
designated persons for election to the Board at the next meeting of the
shareholders of the Company.

     5.     MISCELLANEOUS.

          5.1     SUCCESSORS AND ASSIGNS. Except as otherwise provided in this
Agreement, the terms and conditions of this Agreement shall inure to the benefit
of and be binding upon the respective permitted successors and assigns of the
parties (including transferees of any of the Preferred Stock or any Common Stock
issued upon conversion thereof). The rights of each Investor under this
Agreement are only assignable by such Investor: to its partners if the Investor
is a partnership; to its members if the Investor is a limited liability company;
to an entity in which the Investor owns at least 50 percent of the outstanding
voting securities; to any person which owns at least 50 percent of the
Investor's outstanding voting securities; or to any investment fund managed by
or under the control of the managing entity of the Investor or any partner or
member thereof. The assignees of rights under this Agreement must agree in
writing to be bound by the terms and conditions of this Agreement before the
Company must give effect to the assignment or transfer.

          5.2     AMENDMENTS AND WAIVERS. Unless otherwise explicitly provided
herein, any term of this Agreement may be amended or waived only with the
written consent of the Company and Investors holding a majority of the shares of
Common Stock (assuming conversion and exercise of all convertible or exercisable
securities then held by the Investors and as adjusted for stock splits, stock
dividends or recapitalizations) then held by the Investors.

          5.3     NOTICES, ETC. All notices and other communications required or
permitted hereunder shall be in writing and shall be deemed given and served for
all purposes when personally delivered, three business days after a writing is
deposited in the United States mail, first class postage prepaid, or one
business day after a writing is deposited with a nationally recognized overnight
courier service for overnight delivery, delivery fees prepaid addressed (a) if
to an Investor, to such Investor's address on file with the Company or at such
other address as such Investor shall have furnished to the Company in writing,
or (b) if to the Company, at P.O. Box 2900, Wilsonville, OR 97070, Attention:
William Fleming, or such other address as the Company shall have furnished to
each Investor in writing.

          5.4     SEVERABILITY. In case any provision of this Agreement shall be
found by a court of law to be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions of this Agreement shall
not in any way be affected or impaired thereby.

          5.5     GOVERNING LAW. This Agreement shall be construed in accordance
with, and governed in all respects by, the laws of the State of Oregon, without
giving effect to principles of conflicts of laws.

          5.6     COUNTERPARTS AND FACSIMILE DELIVERY. This Agreement may be
executed in counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Any signature page
delivered by facsimile transmission

                                        4              INVESTOR RIGHTS AGREEMENT
<PAGE>
shall be binding to the same extent as an original signature page, with regard
to any agreement subject to the terms hereof or any amendment thereto. Any party
who delivers such a signature page agrees to later deliver an original
counterpart to any party who requests it.

          5.7     TITLES AND SUBTITLES. The titles of the sections and
subsections of this Agreement are for convenience or reference only and are not
to be considered in construing this Agreement.

          5.8     ENTIRE AGREEMENT. This Agreement constitutes the full and
entire understanding and agreement between the parties with regard to the
subjects hereof and they supersede, merge and render void every other prior
written or oral understanding or agreement among or between the parties hereto.

          5.9     ATTORNEYS' FEES. In the event that any dispute among the
parties to this Agreement should result in litigation, the prevailing party in
such dispute shall be entitled to recover from the losing party all fees, costs
and expenses of enforcing any right of such prevailing party under or with
respect to this Agreement, including such reasonable fees and expenses of
attorneys and accountants, which shall include all fees, costs and expenses of
appeals.

          5.10     INDEPENDENT NATURE OF INVESTORS' OBLIGATIONS AND RIGHTS. The
obligations of each Investor under this Agreement are several and not joint with
the obligations of any other Investor, and no Investor shall be responsible in
any way for the performance of the obligations of any other Investor under this
Agreement. Nothing contained in this Agreement, and no action taken by any
Investor pursuant thereto, shall be deemed to constitute the Investors as a
partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Investors are in any way acting in concert or as a
group with respect to such obligations or the transactions to be consummated
pursuant to this Agreement. Each Investor shall be entitled to independently
protect and enforce its rights, including the rights arising out of this
Agreement, and it shall not be necessary for any other Investor to be joined as
an additional party in any proceeding for such purpose. Each Investor represents
that it has been represented by its own separate legal counsel in its review and
negotiation of this Agreement. For reasons of administrative convenience only,
the Investors acknowledge and agree that they and their respective counsel have
chosen to communicate with Company and Company's counsel through Bingham
McCutchen LLP ("Bingham"), but neither Bingham nor Company's counsel represent
                -------
any of the Investors with respect to this Agreement and the transactions
contemplated hereby, except that Bingham represents Sherbrooke Partners, LLC and
Mark Capital, LLC.

          5.11     CONSTRUCTION.

               (a)     For purposes of this Agreement, whenever the context
requires: the singular number shall include the plural and vice versa; the
masculine gender shall include the feminine and neuter genders; the feminine
gender shall include the masculine and neuter genders; and the neuter gender
shall include the masculine and feminine genders.

                                        5              INVESTOR RIGHTS AGREEMENT
<PAGE>
               (b)     The parties hereto agree that any rule of construction to
the effect that ambiguities are to be resolved against the drafting party shall
not be applied in the construction or interpretation of this Agreement.

               (c)     As used in this Agreement, the words "include" and
"including," and variations thereof, shall not be deemed to be terms of
limitation, but rather shall be deemed to be followed by the words "without
limitation."

          5.12     TERMINATION. This Agreement shall terminate and be of no
further force or effect on the date that the Investors collectively beneficially
own fewer than 1,000,000 shares of Common Stock (assuming full conversion and
exercise of all convertible or exercisable securities).

      [Balance of page intentionally left blank. Signature page follows.]

                                        6              INVESTOR RIGHTS AGREEMENT
<PAGE>
     The parties have executed this Investor Rights Agreement as of the date
first above written.

<TABLE>
<CAPTION>
<S>                                    <C>
A-FEM MEDICAL CORPORATION              DAVID AND MARILYN BALK JTWROS

By:
   ----------------------------------     ----------------------------------
                                          David Balk

Name:
     --------------------------------     ----------------------------------
                                          Marilyn Balk

Its:
    ---------------------------------

SHERBROOKE PARTNERS, LLC               MARK CAPITAL, LLC

By:                                    By:
   ----------------------------------     ----------------------------------
      Matthew Balk, Managing Member          Evan Levine, Managing Member

-------------------------------------  -------------------------------------
MATTHEW BALK CUST FOR DAVID BALK       MATTHEW BALK CUST FOR DANIEL BALK

-------------------------------------  -------------------------------------
EVAN LEVINE CUST FOR NATHANIEL LEVINE  EVAN LEVINE CUST FOR ALEXANDER LEVINE

-------------------------------------  -------------------------------------
RICHARD MELNICK                        JOAN ROBBINS

-------------------------------------  -------------------------------------
JONATHAN BALK                          ERIC SINGER

-------------------------------------  -------------------------------------
EVAN LEVINE FBO JULIA SELENKO          EVAN LEVINE FBO MAX SELENKO

-------------------------------------  -------------------------------------
EVAN LEVINE FBO KEIRA MEZEI            EVAN LEVINE FBO REECE MEZEI

-------------------------------------  -------------------------------------
CRAIG PIERSON                          ETHAN BALK

-------------------------------------  -------------------------------------
MICHAEL KOOPER                         BRIAN CORDAY

CGA RESOURCES, LLC                     ROBERT J. & SANDRA S. NEBORSKY JTWROS

By:
   ----------------------------------     ----------------------------------
    Cass Gunther Adelman, Sole Member     Robert J. Neborsky

                                          ----------------------------------
                                          Sandra S. Neborsky

-------------------------------------
MICHAEL LOWE
</TABLE>

                 SIGNATURE PAGE TO THE INVESTOR RIGHTS AGREEMENT

<PAGE>
<TABLE>
<CAPTION>
                EXHIBIT A SCHEDULE OF INVESTORS

-----------------------------------------------------------
             Investor                   Shares    Warrants
-----------------------------------------------------------
<S>                                    <C>        <C>
-----------------------------------------------------------
Mark Capital, LLC                      1,750,000    642,006
-----------------------------------------------------------
Sherbrooke Partners, LLC               1,750,000    462,006
-----------------------------------------------------------
CGA Resources, LLC                       700,000    100,000
-----------------------------------------------------------
Richard Melnick                          375,000          0
-----------------------------------------------------------
Matthew Balk cust for Daniel Balk        300,000          0
-----------------------------------------------------------
Matthew Balk cust for David Balk         300,000          0
-----------------------------------------------------------
David and Marilyn Balk JTWROS            275,000          0
-----------------------------------------------------------
Jonathan Balk                            250,000          0
-----------------------------------------------------------
Evan Levine cust for Nathaniel Levine    250,000          0
-----------------------------------------------------------
Evan Levine cust for Alexander Levine    250,000          0
-----------------------------------------------------------
Michael Lowe                             200,000          0
-----------------------------------------------------------
Robert J. & Sandra S. Neborsky JTWROS    200,000          0
-----------------------------------------------------------
Brian Corday                             200,000          0
-----------------------------------------------------------
Craig Pierson                            200,000          0
-----------------------------------------------------------
Eric Singer                              192,135          0
-----------------------------------------------------------
Joan Robbins                             100,000          0
-----------------------------------------------------------
Ethan Balk                               100,000          0
-----------------------------------------------------------
Evan Levine FBO Julia Selenko             25,000          0
-----------------------------------------------------------
Evan Levine FBO Max Selenko               25,000          0
-----------------------------------------------------------
Evan Levine FBO Keira Mezei               25,000          0
-----------------------------------------------------------
Evan Levine FBO Reece Mezei               25,000          0
-----------------------------------------------------------

                                       7,492,135  1,204,012
                                       =========  =========
</TABLE>

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