Document:

<PAGE>

                                                                    EXHIBIT 10.1

                                  LIPOMED, INC.
                                STOCK OPTION PLAN

1.   Purpose. The LipoMed, Inc. Stock Option Plan (the "Plan") is established to
     -------
     create an additional incentive for key employees, directors and consultants
     or advisors of LipoMed, Inc. and any successor corporations thereto
     (collectively referred to as the "Company"), and any present or future
     parent and/or subsidiary corporations of such corporation (all of whom
     along with the Company being individually referred to as a "Participating
     Company" and collectively referred to as the "Participating Company
     Group"), to promote the financial success and progress of the Participation
     Company Group. For purposes of the Plan, a parent corporation and a
     subsidiary corporation shall be as defined in Sections 424(e) and 424(f) of
     the Internal Revenue Code of 1986, as amended (the "Code").

2.   Administration. The Plan shall be administered by the Board of Directors of
     --------------
     the Company (the "Board") and/or by a duly appointed committee of the Board
     having such powers as shall be specified by the Board. Any subsequent
     references herein to the Board shall also mean the committee if such
     committee has been appointed and, unless the powers of the committee have
     been specifically limited, the committee shall have all of the powers of
     the Board granted herein, other than power to terminate or amend the Plan
     as provided in section 12 hereof, subject to the terms of the Plan and any
     applicable limitations imposed by law. All questions of interpretation of
     the Plan or of any option granted under the Plan (an "Option") shall be
     determined by the Board, and such determinations shall be final and binding
     upon all persons having an interest in the Plan and/or any Option. Options
     may be either incentive stock options as defined in Section 422 of the Code
     ("Incentive Stock Options") or nonqualified stock options. Any officer of a
     Participating Company shall have the authority to act on behalf of the
     Company with respect to any matter, right, obligation, or election which is
     the responsibility of or which is allocated to the Company herein, provided
     the officer has apparent authority with respect to such matter, right,
     obligation, or election.

3.   Eligibility. The Options may be granted only to employees (including
     -----------
     officers) and directors of the Participating Company Group or to
     individuals who are rendering services as consultants, advisors or other
     independent contractors to the Participating Company Group. The Board, in
     its sole discretion, shall determine which persons shall be granted Options
     (an "Optionee"). A director of the Company shall be eligible to be granted
     only a nonqualified stock option unless the director is also an employee of
     the Company. An individual who is rendering services as a consultant,
     advisor, or other independent contractor shall be eligible to be granted
     only a nonqualified stock option. An Optionee may, if otherwise eligible,
     be granted additional Options.

4.   Shares Subject to Option. Options shall be options for the purchase of the
     ------------------------
     authorized but unissued common stock of the Company (the "Stock"), subject
     to adjustment as provided in paragraph 10 below. The maximum number of
     shares of Stock which may be issued

<PAGE>

     under the Plan shall be two hundred fifty thousand (250,000) shares. In the
     event that any outstanding Option for any reason expires or is terminated
     or cancelled and/or shares of Stock subject to repurchase are repurchased
     by the Company, the shares allocable to the unexercised portion of such
     Option, or such repurchased shares, may again be subject to an Option
     grant. It is intended that the Plan shall constitute a written compensatory
     benefit plan within the meaning of Rule 701 promulgated under the
     Securities Act of 1933, as amended ("Rule 701"), and that the Plan shall
     otherwise be administered in compliance with the requirements of Rule 701.
     To ensure such compliance, the Board shall maintain a record of shares
     subject to outstanding Options under the Plan and the exercise price of
     such Options, plus a record of all shares of Common Stock issued upon the
     exercise of such Options and the exercise price of such Options.

5.   Time for Granting Options. All Options shall be granted, if at all, within
     -------------------------
     ten (10) years from the earlier of the date the Plan is adopted by the
     Board or the date the Plan is duly approved by the shareholders of the
     Company.

6.   Terms, Conditions and Form of Options. Subject to the provisions of the
     -------------------------------------
     Plan, the Board shall determine for each Option (which need not be
     identical) the number of shares of Stock for which the Option is granted,
     whether the Option is to be treated as an Incentive Stock Option or as a
     nonqualified stock option and all other terms and conditions of the Option
     not inconsistent with the Plan. Options granted pursuant to the Plan shall
     comply with and be subject to the following terms and conditions:

     (a)  Option Price. The option price for each Option shall be established in
          ------------
          the sole discretion of the Board; provided, however, that (i) the
          option price per share for an Incentive Stock Option shall be not less
          than the fair market value of a share of Stock on the date of the
          granting of the Incentive Stock Option and (ii) the option price per
          share of an Incentive Stock Option granted to an Optionee who at the
          time the Incentive Stock Option is granted owns stock possessing more
          than ten percent (10%) of the total combined voting power of all
          classes of stock of a Participating Company within the meaning of
          section 422(b)(6) of the Code (a "Ten Percent Owner Optionee") shall
          be not less than one hundred ten percent (110%) of the fair market
          value of a share of Stock on the date the Option is granted. For this
          purpose, "fair market value" means the value assigned to the stock for
          a given day by the Board, as determined pursuant to a reasonable
          method established by the Board that is consistent with the
          requirements of sections 422 and 424 of the Code and the regulations
          thereunder (which method may be changed from time to time).
          Notwithstanding the foregoing, an Option (whether an Incentive Stock
          Option or a nonqualified stock option) may be granted by the Board in
          its discretion with an exercise price lower than the minimum exercise
          price set forth above if such Option is granted pursuant to an
          assumption or substitution for another option in a manner qualifying
          with the provisions of section 424(a) of the Code. Nothing hereinabove
          shall require that any such assumption or modification will result in
          the Option having the same characteristics, attributes or tax
          treatment as the Option for which it is substituted.

                                        2

<PAGE>

     (b)  Exercise Period of Options. The Board shall have the power to set the
          --------------------------
          time or times within which each Option shall be exercisable or the
          event or events upon the occurrence of which all or a portion of each
          Option shall be exercisable and the term of each Option; provided,
          however, that (i) no Incentive Stock Option shall be exercisable after
          the expiration of ten (10) years after the date such Incentive Stock
          Option is granted, (ii) no Incentive Stock Option granted to a Ten
          Percent Owner Optionee shall be exercisable after the expiration of
          five (5) years after the date such Incentive Stock Option is granted
          and (iii) no Incentive Stock Option shall be exercisable after the
          date the Optionee's employment with the Participating Company Group is
          terminated for cause (as determined in the sole discretion of the
          Board); and provided, further, an Option shall terminate and cease to
          be exercisable no later than three (3) months after the date on which
          the Optionee terminates employment with the Participating Company
          Group, unless the Optionee's employment with the Participating Company
          Group shall have terminated as a result of the Optionee's death or
          disability (within the meaning of Section 22(e)(3) of the Code), in
          which event the Option shall terminate and cease to be exercisable no
          later than twelve (12) months from the date on which the Optionee's
          employment terminated. For this purpose, an Optionee's employment
          shall be deemed to have terminated on account of death if the Optionee
          dies within three (3) months following the Optionee's termination of
          employment.

     (c)  Payment of Option Price. Payment of the option price for the number of
          -----------------------
          shares of Stock being purchased pursuant to any Option shall be made
          in cash, by check or cash equivalent.

     (d)  $100,000 Limitation. The aggregate fair market value, determined as of
          -------------------
          the date on which an Incentive Stock Option is granted, of the shares
          of Stock with respect to which incentive stock options (determined
          without regard to this subsection) are first exercisable during any
          calendar year (under this Plan or under any other plan of the
          Participating Company Group) by any Optionee shall not exceed
          $100,000. If such limitation would be exceeded with respect to an
          Optionee for a calendar year, the Incentive Stock Option shall be
          deemed a nonqualified stock option to the extent of such excess.

7.   Standard Form of Stock Option Agreement. All Options shall be evidenced by
     ---------------------------------------
     a written award agreement in the form of the nonqualified stock option
     agreement attached hereto as Exhibit A or the incentive stock option award
                                  ---------
     agreement attached hereto as Exhibit B, as applicable, both of which are
                                  ---------
     incorporated herein by reference (the "Standard Option Agreements").

8.   Transfer of Control. Upon a merger, consolidation, corporate
     -------------------
     reorganization, or any transaction in which all or substantially all of the
     assets of the Company are sold, leased, transferred or otherwise disposed
     of (other than a mere reincorporation transaction or one in which the
     holders of capital stock of the Company immediately prior to such merger or
     consolidations continue to hold at least a majority of the voting power of
     the surviving corporation) (a "Transfer of Control"), then any
     unexercisable portion of an outstanding

                                        3

<PAGE>

     Option shall become immediately exercisable as of a date prior to the
     Transfer of Control, which date shall be determined by the Board. The
     exercise of any Option that was permissible solely by reason of this
     paragraph 8 shall be conditioned upon the consummation of the Transfer of
     Control. The Board may further elect, in its sole discretion to provide
     that any Options which became exercisable solely by reason of this
     paragraph 8 and which are not exercised as of the date of the Transfer of
     Control shall terminate effective as of the date of the Transfer of
     Control.

9.   Authority to Vary Terms. The Board shall have the authority from time to
     -----------------------
     time to vary the terms of the Standard Option Agreements either in
     connection with the grant of an individual Option or in connection with the
     authorization of a new standard form or forms; provided, however, that the
     terms and conditions of such revised or amended standard form or forms of
     stock option agreement shall be in accordance with the terms of the Plan.
     Such authority shall include, but not by way of limitation, the authority
     to grant Options which are not immediately exercisable.

10.  Effect of Change in Stock Subject to Plan. The Board shall make appropriate
     -----------------------------------------
     adjustments in the number and class of shares of Stock subject to the Plan
     and to any outstanding Options and in the option price of any outstanding
     Options in the event of a stock dividend, stock split, reverse stock split,
     combination, reclassification or like change in the capital structure of
     the Company.

11.  Options Non-Transferable. During the lifetime of the Optionee, the Option
     ------------------------
     shall be exercisable only by the Optionee. No Option shall be assignable or
     transferable by the Optionee, except by will or by the laws of descent and
     distribution.

12.  Termination or Amendment of Plan. The Board may terminate or amend the Plan
     --------------------------------
     at any time; provided however, that without the approval of the Company's
     shareholders, there shall be (a) no increase in the total number of shares
     of Stock covered by the Plan (except by operation of the provisions of
     paragraph 10 above), (b) no change in the class of persons eligible to
     receive Incentive Stock Options, and (c) no extension of the period during
     which Incentive Stock Options may be granted beyond the date which is ten
     (10) years following the date the Plan is adopted by the Company or the
     date the Plan is approved by the shareholders of the Company. In any event,
     no amendment may adversely affect any then outstanding Option or any
     unexercised portion thereof, without the consent of the Optionee, unless
     such amendment is required to enable an Option designated as an Incentive
     Stock Option to qualify as an Incentive Stock Option.

13.  Miscellaneous
     -------------

     (a)  Nothing in this Plan or any Option granted hereunder shall confer upon
          any Optionee any right to continue in the employ of the Participating
          Company Group, or to serve as a director thereof, or interfere in any
          way with the right of a Participating Company to terminate his or her
          employment at any time. Unless specifically provided otherwise, no
          grant of an Option shall be deemed salary or compensation for the
          purpose of computing benefits under any employee benefit

                                        4

<PAGE>

               plan or other arrangement of a Participating Company for the
               benefit of its employees unless the Participating Company shall
               determine otherwise. No Optionee shall have any claim to an
               Option until it is actually granted under the Plan. To the extent
               that any person acquires a right to receive payments from the
               Company under the Plan, such right shall, except as otherwise
               provided by the Board, be no greater than the right of an
               unsecured general creditor of the Company. All payments to be
               made hereunder shall be paid from the general funds of the
               Company, and no special or separate fund shall be established and
               no segregation of assets shall be made to assure payment of such
               amounts, except as otherwise provided by the Committee.

          (b)  The Plan and the grant of Options hereunder shall be subject to
               all applicable federal and state laws, rules, and regulations and
               to such approvals by any United States government or regulatory
               agency as may be required.

          (c)  The terms of the Plan shall be binding upon the Company, and its
               successors and assigns.

          (d)  This Plan and all actions taken hereunder shall be governed by
               the laws of the State of North Carolina.

          (e)  With respect to any payments not yet made to a Optionee by the
               Company, nothing contained herein shall give any such Optionee
               any rights that are greater than those of a general creditor of
               the Company.

          (f)  If any provision of this Plan or a Standard Option Agreement is
               or becomes or is deemed invalid, illegal or unenforceable in any
               jurisdiction, or would disqualify the Plan or any Standard Option
               Agreement under any law deemed applicable by the Board, such
               provision shall be construed or deemed amended to conform to
               applicable laws or if it cannot be construed or deemed amended
               without, in the determination of the Board, materially altering
               the intent of the Plan or the Standard Option Agreement, it shall
               be stricken and the remainder of the Plan or the Standard Option
               Agreement shall remain in full force and effect.

          IN WITNESS WHEREOF, the undersigned Secretary of the Company certifies
that the foregoing Plan was duly adopted by the Board of Directors of the
Company on the 12/th/ day of September, 1997.

                                        LIPOMED, INC.

                                        By: /s/ James D. Otvos
                                            -----------------------------------
                                            James D. Otvos, Secretary

                                        5

<PAGE>

                                 FIRST AMENDMENT
                                OF LIPOMED, INC.
                                STOCK OPTION PLAN

     THIS FIRST AMENDMENT of LipoMed, Inc. Stock Option Plan is dated as of May
27, 1998.

     WHEREAS, the Board of Directors of LipoMed, Inc. (the "Company") has
adopted and the shareholders of the Company have approved the LipoMed, Inc.
Stock Option Plan (the "Plan"); and

     WHEREAS, the Board of Directors deems it to be in the best interest of the
Company to amend the Plan in order to increase the maximum number of shares
issuable pursuant to options granted under the Plan from 250,000 to 450,000.

     NOW, THEREFORE, the Plan shall be amended as follows:

     1.   The second sentence of Paragraph 4 of the Plan shall be deleted in its
entirety and the following substituted in lieu thereof:

          "The maximum number of shares of Stock which may be issued under the
          Plan shall be Four Hundred Fifty Thousand (450,000) shares."

     2.   Except as herein amended, the terms and provisions of the Plan shall
remain in full force and effect as originally adopted and approved.

     IN WITNESS WHEREOF, the undersigned hereby certifies that this First
Amendment was duly adopted by the Board of Directors of the Company on the
27/th/ day of May, 1998 and by the shareholders of the Company on the 27/th/ day
of May, 1998.

                                             LIPOMED, INC.
[CORPORATE SEAL]

                                             By: /s/ Richard A. Franco
                                                 ------------------------------
ATTEST:                                          Richard A. Franco
                                                 President

By: /s/ James D. Otvos
    ----------------------------
    James D. Otvos
    Secretary

                                        6

<PAGE>

                                SECOND AMENDMENT
                                OF LIPOMED, INC.
                                STOCK OPTION PLAN

     THIS SECOND AMENDMENT of LipoMed, Inc. Stock Option Plan is dated as of
June 15, 1999.

     WHEREAS, the Board of Directors of LipoMed, Inc. (the "Company") has
adopted and the shareholders of the Company have approved the LipoMed, Inc.
Stock Option Plan, as amended (the "Plan"); and

     WHEREAS, the Board of Directors deems it to be in the best interest of the
Company to amend the Plan in order to increase the maximum number of shares
issuable pursuant to options granted under the Plan from 450,000 to 550,000.

     NOW, THEREFORE, the Plan shall be amended as follows:

     2.   The second sentence of Paragraph 4 of the Plan shall be deleted in its
entirety and the following substituted in lieu thereof:

          "The maximum number of shares of Stock which may be issued under the
          Plan shall be Five Hundred Fifty Thousand (550,000) shares."

     2.   Except as herein amended, the terms and provisions of the Plan shall
remain in full force and effect as originally adopted and approved.

     IN WITNESS WHEREOF, the undersigned hereby certifies that this Second
Amendment was duly adopted by the Board of Directors of the Company on the
15/th/ day of June, 1999 and by the shareholders of the Company on the 15/th/
day of June, 1999.

                                           LIPOMED, INC.
[CORPORATE SEAL]

                                           By: /s/ Richard A. Franco
                                               ------------------------------
ATTEST:                                        Richard A. Franco
                                               President

By: /s/ James D. Otvos
    -----------------------------
    James D. Otvos
    Secretary

                                       7

<PAGE>

                                 THIRD AMENDMENT
                                OF LIPOMED, INC.
                                STOCK OPTION PLAN

     THIS THIRD AMENDMENT of LipoMed, Inc. Stock Option Plan is effective as of
June 15, 2000.

     WHEREAS, the Board of Directors of LipoMed, Inc. (the "Company") has
adopted and the stockholders of the Company have approved the LipoMed, Inc.
Stock Option Plan, as amended (the "Plan"); and

     WHEREAS, the Board of Directors deems it to be in the best interest of the
Company to further amend the Plan in order to increase the maximum number of
shares issuable pursuant to options granted under the Plan from 1,100,000 (as
adjusted to reflect the Company's 1-for-1 stock dividend effective September 28,
1999) to 2,300,000.

     NOW, THEREFORE, the Plan shall be amended as follows:

     3.   The second sentence of Paragraph 4 of the Plan shall be deleted in its
entirety and the following substituted in lieu thereof:

          "The maximum number of shares of Stock which may be issued under the
          Plan shall be Two Million Three Hundred Thousand (2,300,000) shares."

     2.   Except as herein amended, the terms and provisions of the Plan shall
remain in full force and effect as originally adopted and approved.

     IN WITNESS WHEREOF, the undersigned hereby certifies that this Third
Amendment was duly adopted by the Board of Directors and the Stockholders of the
Company and shall be effective as of June 15, 2000.

                                            LIPOMED, INC.
[CORPORATE SEAL]

                                            By: /s/ Richard A. Franco
                                                ------------------------------
ATTEST:                                         Richard A. Franco
                                                President

By: /s/ James D. Otvos
    --------------------------
    James D. Otvos
    Secretary

                                        8

<PAGE>

                                FOURTH AMENDMENT
                                OF LIPOMED, INC.
                                STOCK OPTION PLAN

     THIS FOURTH AMENDMENT of LipoMed, Inc. Stock Option Plan is effective as of
July 25, 2001.

     WHEREAS, the Board of Directors of LipoMed, Inc. (the "Company") has
adopted and the stockholders of the Company have approved the LipoMed, Inc.
Stock Option Plan, as amended (the "Plan"); and

     WHEREAS, the Board of Directors deems it to be in the best interest of the
Company to further amend the Plan in order to increase the maximum number of
shares issuable pursuant to options granted under the Plan from 2,300,000 to
3,650,000.

     NOW, THEREFORE, the Plan shall be amended as follows:

     4.   The second sentence of Paragraph 4 of the Plan shall be deleted in its
entirety and the following substituted in lieu thereof:

          "The maximum number of shares of Stock which may be issued under the
          Plan shall be Three Million Six Hundred Fifty Thousand (3,650,000)
          shares."

     2.   Except as herein amended, the terms and provisions of the Plan shall
remain in full force and effect as originally adopted and approved.

     IN WITNESS WHEREOF, the undersigned hereby certifies that this Third
Amendment was duly adopted by the Board of Directors and the Stockholders of the
Company and shall be effective as of July 25, 2001.

                                              LIPOMED, INC.
[CORPORATE SEAL]

                                              By: /s/ Richard A. Franco
                                                  -----------------------------
ATTEST:                                           Richard A. Franco
                                                  President

By: /s/ James D. Otvos
    ----------------------------
    James D. Otvos
    Secretary

                                        9

<PAGE>

                                 FIFTH AMENDMENT
                              OF LIPOSCIENCE, INC.
                                STOCK OPTION PLAN

     THIS FIFTH AMENDMENT of LipoScience, Inc. Stock Option Plan is effective as
of September 27, 2001.

     WHEREAS, the Board of Directors of LipoScience, Inc. (the "Company") has
adopted and the stockholders of the Company have approved the LipoScience, Inc.
Stock Option Plan, as amended (the "Plan"); and

     WHEREAS, in connection with the initial public offering of common stock
contemplated by the Company (the "IPO"), the Board of Directors has adopted and
approved a new plan, the LipoScience, Inc. 2001 Stock Incentive Plan (the "New
Plan"), such New Plan to be effective as of the effective date of the
registration statement on Form S-1 filed in connection with the IPO; and

     WHEREAS, the Board of Directors Corporation deems it to be in the best
interests of the Company to reduce the maximum number of shares of common stock
of the Company ("Common Stock") issuable under the Plan to the number of shares
issuable under the Plan as of the consummation of the IPO and to cease the
granting of any additional options under the Plan, effective as of the
consummation of the IPO and the effectiveness of the New Plan.

     1.   NOW, THEREFORE, the Plan is hereby amended so as to decrease the
maximum number of shares of Common Stock issuable under the Plan to the number
of shares (aIs appropriately adjusted to reflect stock splits and similar
events) that shall be issuable pursuant to options outstanding under the Plan
immediately prior to the closing of the IPO, with such number to be further
reduced by the number of shares subject to awards under the Plan which may
expire, terminate or be otherwise surrendered.

     2.   Except as herein amended, the terms and provisions of the Plan shall
remain in full force and effect as originally adopted and approved.

     IN WITNESS WHEREOF, the undersigned hereby certifies that this Fifth
Amendment was duly adopted by the Board of Directors on September 27, 2001.

                                               LIPOSCIENCE, INC.
[CORPORATE SEAL]

                                               By: /s/ F. Ronald Stanton
                                                   ---------------------------
ATTEST:                                            F. Ronald Stanton
                                                   President

By: /s/ James D. Otvos
    -----------------------------
    James D. Otvos, Secretary

                                       10

<PAGE>

                                 SIXTH AMENDMENT
                              OF LIPOSCIENCE, INC.
                                STOCK OPTION PLAN

     THIS SIXTH AMENDMENT of LipoScience, Inc. Stock Option Plan ("Sixth
Amendment") is effective April 25, 2002.

     WHEREAS, the Board of Directors of LipoScience, Inc., a Delaware
corporation (the "Company") has adopted and the stockholders of the Company have
approved the LipoScience, Inc. Stock Option Plan, as amended (the "Plan"); and

     WHEREAS, pursuant to Section 12 of the Plan, the Board of Directors deems
it to be in the best interest of the Company to amend the Plan to permit the
transfer of nonqualified stock options to certain permitted transferees as
approved by the Board, the Compensation Committee of the Board or other duly
appointed committee of the Board.

     NOW, THEREFORE, the Plan shall be amended as follows:

     1. Paragraph 11 shall be deleted in its entirety and the following
substituted in lieu thereof:

                  11. Transferability of Options. Except as otherwise provided
                      --------------------------
                  in this paragraph 11, no Option shall be transferable or
                  assignable except by will or by the laws of descent and
                  distribution and the Option shall be exercisable, during the
                  Optionee's lifetime, only by the Optionee. Subject to the
                  approval of the Board or a duly appointed committee of the
                  Board (the "Committee"), an Optionee may transfer nonqualified
                  stock options granted hereunder for no consideration to or for
                  the benefit of a Permitted Transferee, subject to such limits
                  as the Board or the Committee may establish. For the purposes
                  of this paragraph 11, "Permitted Transferee" shall mean any
                  child, stepchild, grandchild, parent, stepparent, grandparent,
                  spouse, former spouse, sibling, niece, nephew, mother-in-law,
                  father-in-law, son-in-law, daughter-in-law, brother-in-law or
                  sister-in-law, including adoptive relationships, any person
                  sharing the Optionee's household (other than a tenant or
                  employee), a trust in which any of the foregoing persons have
                  more than fifty percent of the beneficial interest, a
                  foundation in which any of the foregoing persons or the
                  Optionee control the management of the assets, and any other
                  entity in which any of the foregoing persons or the Optionee
                  own more than fifty percent of the voting interests.

     2. Except as herein amended, the terms and provisions of the Plan shall
remain in full force and effect as originally adopted and approved.

<PAGE>

     IN WITNESS WHEREOF, the undersigned hereby certifies that this Sixth
Amendment was duly adopted by the Board of Directors, this the 25th day of
April, 2002.

                                                  LIPOSCIENCE, INC.
[CORPORATE SEAL]

                                                  By: /s/ F. Ronald Stanton
                                                      ------------------------
ATTEST:                                             F. Ronald Stanton, President

By:  /s/ Holly A. Coldiron
   -------------------------
 Holly A. Coldiron, Assistant Secretary<PAGE>

                                                                    Exhibit 10.4

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

                            NORTH CAROLINA UNIVERSITY

                                LICENSE AGREEMENT

     This Agreement is made by and between North Carolina State University
(hereinafter referred to as "NCSU"), a constituent institution of the University
of North Carolina and an educational institution organized under the laws of
North Carolina, and having its principal office at 1 Holladay Hall, Box 7003,
Raleigh, North Carolina 27695-7003, and LipoMed, Inc. ("hereinafter referred to
as "LICENSEE"), a corporation organized under the laws of North Carolina and
having its principal place of business at 1117 Wellstone Circle, Apex, North
Carolina 27502.

     WHEREAS, Dr. James Otvos has discovered an invention titled "Method and
Apparatus for Measuring Blood Lipoprotein Levels by NMR Spectroscopy" (NCSU File
No. 91-02), and NCSU owns all rights, title, and interest in and to the Patent
Rights (as hereinafter defined) pertaining to such invention; and

     WHEREAS, NCSU has the right to grant licenses to the foregoing invention,
and wishes to have the invention utilized in the public interest; and

     WHEREAS, NCSU is willing to grant a license to LICENSEE to the invention
and related Patent Rights subject to the terms and conditions set forth herein;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
set forth herein, and for good and valuable consideration, the receipt and
sufficiency of which is acknowledged, the parties hereto, intending to be
legally bound, agree as follows:

                             ARTICLE 1- DEFINITIONS
                             ----------------------

1.01     "Patent Rights" shall mean:

         U.S. Patent No. 5,343,389 "Method and Apparatus for Measuring Classes
         and Subclasses of  Lipoproteins"  (filed June 17, 1993; issued August
         30, 1994)

1.02     "Field" or "Field of Use" shall mean the use of the Patent Rights for
         NMR testing of blood.

1.03     "Licensed  Product" shall mean any product; (a) which is covered by an
         unexpired  claim contained in the Patent Rights in the country in which
         the

                                       1

<PAGE>

          Licensed Product(s) is made, used, sold or transferred; or (b) the use
          of which is covered in an unexpired claim contained in the Patent
          Rights in the country in which the License Product(s) are made, used,
          sold or transferred.

1.04      "Licensed Test" shall mean any process or use thereof (a) which is
          covered by an unexpired claim contained in the Patent Rights in the
          country in which the Licensed Test is made, used, sold or transferred;
          or (b) the use of which is covered in an unexpired claim contained in
          the Patent Rights in the country in which the Licensed Test is made,
          used, sold or transferred.

1.05      "Net Sales" shall mean LICENSEE's billings for the Licensed Products
          produced and Licensed Tests performed hereunder, less the sum of the
          following:

     (a)  Discounts allowed in amounts customary in the trade;

     (b)  Sales, tariff duties and/or use taxes directly imposed and with
          reference to particular sales;

     (c)  Outbound transportation prepaid or allowed; and

     (d)  Amounts allowed or credited on returns.

No deductions shall be made for commissions paid to individuals whether they be
independent sales agents or regularly employed by LICENSEE and on its payroll,
nor for the cost of collections. Licensed Products and Licensed Tests shall be
considered "sold" when bill out or invoiced. Net Sales in the case of Licensed
Products and Licensed Tests used or transferred by LICENSEE shall mean the fair
market value of Licensed Products and Licensed Tests as if they were sold to an
unrelated third party in similar quantities.

1.06      "Affiliate" or "Affiliates" shall mean (i) any corporation, company or
          other entity in which LICENSEE owns or controls at least fifty percent
          (50%) of the stock entitled to vote in election of members of the
          Board of Directors; or (ii) any corporation, company or other entity
          which owns or controls at least (50%) of the stock of LICENSEE.

1.07      "Effective Date" shall mean May 12, 1997.

                                       2

<PAGE>

                               ARTICLE 2- LICENSE
                               ------------------

2.01      NCSU hereby grants to LICENSEE and LICENSEE hereby accepts from NCSU,
          upon the terms and conditions herein specified, an exclusive license
          to make, have made, use and sell Licensed Products and perform
          Licensed Tests, with the right to sub-license. Such license is
          worldwide and shall remain in effect, on a country by country basis,
          until the full end of the term or terms for which Patent Rights are
          issued, unless sooner terminated as hereinafter provided. The
          foregoing notwithstanding, LICENSEE's rights and license shall be
          subject to the rights of the U.S. Government pursuant to any funding
          agreement between NCSU and the Government.

2.02      LICENSEE shall have the right to grant sub-licenses and to extend any
          license granted to LICENSEE to its Affiliates. Any such sub-licenses
          or extensions shall be subject to the terms of this Agreement and
          shall be no less favorable to NCSU than is this license. A copy of
          each sub-license shall be provided to NCSU. LICENSEE agrees to be
          responsible for the performance hereunder by its Affiliates and
          sub-licenses, if any. Should this Agreement be terminated for any
          reason, LICENSEE agrees to assign all such sub-licenses directly to
          NCSU.

2.03      The license granted hereunder shall not be construed to confer any
          rights upon LICENSEE by implication, estoppel or otherwise as to any
          technology not part of the Patent Rights licensed hereunder.

2.04      LICENSEE agrees that any products constituting Licensed Products will
          be manufactured substantially in the United States to the extent
          required by 35 U.S.C. Sec. 204, if such statute shall be applicable

                            ARTICLE 3- DUE DILIGENCE
                            ------------------------

3.01      LICENSEE agrees to diligently pursue the development of the Patent
          Rights. This will include manufacturing or producing a Licensed
          Product utilizing the Patent Rights for testing, development, and
          sale, and also using best efforts in seeking required governmental
          approvals of such Licensed Product. In addition to this general
          commitment to diligence, LICENSEE agrees to the following diligence
          requirements:

     (a)  LICENSEE agrees to raise sufficient funds to support LICENSEE'S
          business operations and promote development and commercialization of

                                       3

<PAGE>

          the Patent Rights. If LICENSEE fails to raise $500,000 within eighteen
          (18) months of the Effective Date, all rights granted herein shall
          terminate.

     (b)  LICENSEE shall support a program of collaborative research in an
          amount of not less than twenty-five thousand dollars ($25,000) for at
          least one year under the direction of James D. Otvos, Ph.D. This
          program shall be governed by a separate Research Agreement between the
          parties, said agreement to be entered into within thirty days after
          the closing date of the first five hundred thousand dollars ($500,000)
          raised by LICENSEE.

     (c)  Within six (6) months from the Effective Date of this Agreement,
          LICENSEE shall deliver to NCSU a report showing LICENSEE'S plans for
          commercializing the Patent Rights and shall provide a similar report
          on the anniversary date of such report each year until first
          commercial sale under the Patent Rights.

     (d)  LICENSEE agrees to commercialize the Patent Rights according to the
          following schedule:

               (1)  [**] Licensed Test within [**] after the latest date of the
                    regulatory approvals required to engage in U.S. intrastate
                    and interstate commerce.

               (2)  [**] Licensed Tests within [**] after the latest date in (1)
                    above.

               (3)  [**] Licensed Tests within [**] after the latest date in (2)
                    above.

3.02      LICENSEE agrees to use its best efforts to have the Patent Rights
          cleared for marketing in those countries in which LICENSEE intends to
          sell or use Licensed Products or Licensed Tests by the responsible
          government agencies requiring such clearance. To accomplish such
          clearances at the earliest possible date, LICENSEE agrees to file,
          according to the usual practice of LICENSEE, any necessary data with
          such government agencies. Should LICENSEE terminate this Agreement,
          LICENSEE agrees to assign its full interest and title in such market
          clearance application, including all data relating thereto, to NCSU at
          no cost to NCSU.

3.03      Failure by LICENSEE to comply with the provisions of this Article 3
          shall result in NCSU having the right, at its option, to convert any
          exclusive license to a non-exclusive license, or to cancel the license
          upon sixty (60) days notice, and to require a reversion of rights to
          all relevant materials, research information and technology, including
          Patent Rights, transferred to LICENSEE by NCSU.

                                       4

<PAGE>

             ARTICLE 4- LICENSE FEE, ROYALTIES, RECORDS, AND REPORTS
             -------------------------------------------------------

4.01           LICENSEE shall pay to NCSU, as a license fee for this Agreement,
               the sum of twenty five thousand dollars ($25,000); said fee to be
               paid within thirty days after the closing date of the first five
               hundred thousand ($500,000) raised by LICENSEE.

4.02           For as long as this license is in effect, LICENSEE shall pay to
               NCSU royalties as follows:

               (1)  Except in the case of minimum annual royalties, as set forth
                    in 4.03 below, [**] shall be due or payable on the [**]
                    $[**] of LICENSEE'S cumulative Net Sales of Licensed
                    Products and Net Sales from Licensed Tests.

               (2)  For cumulative Net Sales greater than $[**] and less than
                    $[**] of Licensed Products and Licensed Tests, whether sold
                    by LICENSEE or LICENSEE'S sub-licensee(s), LICENSEE shall
                    pay to NCSU a royalty of [**] percent ([**]%) of Net Sales;

               (3)  For cumulative Net Sales greater than $[**] of Licensed
                    Products and Licensed Tests, whether sold by LICENSEE or
                    LICENSEE'S sub-licensee(s), LICENSEE shall pay to NCSU a
                    royalty of [**] percent ([**]%) of Net Sales.

4.03           LICENSEE will pay to NCSU $[**] as a minimum annual royalty.

Payment of the first specified minimum annual royalty payments shall be made on
the [**] of the [**] after the [**] of the [**] required to engage in [**] and
[**]. Each subsequent minimum annual royalty payment shall be made on the annual
anniversary date of the first minimum annual royalty payment, consistent with
the [**] and [**] set forth in 4.05 hereof. Once commercial sales of Licensed
Products have commenced, the minimum annual royalty payments required herein
shall be considered advance payments against earned running royalties for the
year in which each minimum annual royalty payment is made. In no event shall the
payment of the minimum annual royalty payment excuse LICENSEE from its
obligations to meet the reporting, development and/or payment requirements
otherwise specified and applicable.

4.04           LICENSEE shall render to NCSU on a quarterly basis a written
account of the Net Sales of Licensed Products as of July 1, October 1, January
1, and April 1 of each calendar year. The reports of Net Sales and the royalty
payment due NCSU thereon shall be due and payable within sixty (60) days
following the applicable date. LICENSEE shall make such reports even if there
have been no Net Sales or if no royalties are due to NCSU for a particular
quarter. LICENSEE'S report shall include at least the following:

     (a)       All Licensed Products manufactured and sold.

                                       5

<PAGE>

     (b)  Total billings for Licensed Products sold.

     (c)  Accounting for all sub-licensing proceeds received by LICENSEE from
          LICENSEE'S sub-licensees.

     (d)  Deductions applicable as provided in section 1.04.

     (e)  Total sales made to U.S. Government Agencies which require no royalty
          payment.

     (f)  Total royalties due to NCSU.

     (g)  Names and addresses of all sub-licensees of LICENSEE.

4.05      LICENSEE and its Affiliates shall keep full, true, and accurate books
of accounts and other records containing all particulars which may be necessary
to ascertain and verify properly such Net Sales. Upon NCSU's request, LICENSEE
and its Affiliates shall permit an independent Certified Public Accountant
selected by NCSU (except one to whom LICENSEE has some reasonable objection) to
have access during ordinary business hours to such of LICENSEE'S or its
Affiliates' records as may be necessary to determine, in respect of any three
(3) month period ending not more than five (5) years prior to the date of such
request, the correctness of any report made under this Agreement. Nothing herein
shall be construed to limit the authority of the State Auditor of North
Carolina.

4.06      In the event this Agreement is assigned or transferred by LICENSEE to
a third party, in accordance with Article 11 hereunder, LICENSEE shall pay to
NCSU [**] percent ([**]%) of the gross proceeds received by LICENSEE as the
result of any such assignment or transfer.

4.07      All payments made as a result of this Agreement shall be paid in
United States dollars in Raleigh, North Carolina, or at such other place as NCSU
may reasonably designate consistent with the laws and regulations controlling in
any foreign country. If any currency conversion shall be required in connection
with the payment of royalties hereunder, such conversion shall be made by using
the exchange rate prevailing at the Chase Manhattan Bank (N.A.) on the last
business day of the calendar quarterly reporting period to which such royalty
payments relate.

4.08      The royalty payments set forth in this Agreement, if overdue, shall
bear interest until payment at a per annum rate of four percent (4%) above the
prime rate in effect at the Chase Manhattan Bank (N.A) on the due date. However,
in no event shall any penalties hereunder exceed eighteen percent (18%) per
annum (or 1.5% per month).

                                       6

<PAGE>

                               ARTICLE 5- PATENTS
                               ------------------

5.01    NCSU shall select patent counsel and shall have sole responsibility for
filing, prosecuting and maintaining appropriate U.S. and foreign patent
application(s) on the Patent Rights in the name of NCSU, and all expenses of
such protection shall be paid by LICENSEE. LICENSEE also agrees to reimburse
NCSU for unreimbursed out-of-pocket patent costs incurred through the Effective
Date. NCSU shall keep LICENSEE advised as to the prosecution of such
applications by forwarding to LICENSEE copies of all official correspondence
relating thereto. LICENSEE agrees to cooperate with NCSU in the prosecution of
patent application(s) to insure that such applications reflect, to the best of
NCSU's and LICENSEE'S knowledge, all items of commercial, scientific and
technical interest and importance. All final decisions with respect to the
prosecution of said patent application(s) are reserved to NCSU.

5.02    LICENSEE shall designate the foreign countries, if any, in which
LICENSEE desires patent protection, and NCSU agrees to file, prosecute and
maintain appropriate applications in such countries. LICENSEE shall pay all
expenses with regard to such foreign patent protection. NCSU may elect to seek
patent protection in countries not so designated by LICENSEE, in which case NCSU
shall be responsible for all expenses attendant thereto; however, in such
instances, LICENSEE shall forfeit its rights under this license agreement as to
such countries.

5.03    For each country in which Licensed Products will be sold, LICENSEE
agrees to mark all Licensed Products it commercializes with the applicable
patent number.

            ARTICLE 6- GOVERNMENT CLEARANCE, PUBLICATION, OTHER USE,
            --------------------------------------------------------
                                 EXPORT, DUTIES
                                 --------------

6.01    LICENSEE agrees that the right of publication of any and all information
related to the Patent Rights shall reside in the inventor and other staff of
NCSU. NCSU shall use its best efforts to provide a copy of each publication at
the time of submission for pre-publication review, or in any event not less than
thirty (30) days prior to the expected date of publication. Such review will be
in no way construed as a right to restrict such publication.

6.02    It is agreed that, notwithstanding any provisions herein, NCSU is free
to use the Patent Rights for its own educational, teaching, and research
purposes without restriction and without payment of royalties or other fees.

6.03    This Agreement is subject to, and LICENSEE will comply with, all of the
United States laws and regulations controlling the export of technical data,
computer software, laboratory prototypes, and other commodities and technology
which may be applicable.

                                        7

<PAGE>

6.04    LICENSEE shall be solely responsible for the payment and discharge of
any taxes or duties relating to any transaction of LICENSEE, its employees,
contractors, agents, or sub-licensees, in connection with the manufacture, use,
or sale in any country of Licensed Product(s).

                       ARTICLE 7- DURATION AND TERMINATION
                       -----------------------------------

7.01    This Agreement shall become effective upon the Effective Date and,
unless sooner terminated in accordance with any of the provisions herein, shall
remain in full force and effect for the life of the last-to-expire of the
patents included in the Patent Rights.

7.02    In the event an order for relief is entered against LICENSEE under the
Federal Bankruptcy Code, or an order appointing a receiver for substantially all
of LICENSEE'S assets is entered by a court of competent jurisdiction, or
LICENSEE makes an assignment for the benefit of creditors, or a levy of
execution is made upon substantially all of the assets of LICENSEE and such levy
is not quashed or dismissed within thirty (30) days, this Agreement shall
automatically terminate effective on the date of such order or assignment or, in
the case of such levy, the expiration of such thirty (30) day period; provided,
however, that such termination shall not impair or prejudice any right of remedy
that NCSU might have under this Agreement.

7.03    LICENSEE may terminate this Agreement by giving NCSU written notice at
least ninety (90) days prior to such termination, and thereupon terminate the
manufacture, use, or sale of Licensed Products.

7.04    Should LICENSEE fail to pay NCSU royalties due and payable hereunder,
NCSU shall have the right to terminate this Agreement on sixty (60) days'
notice, unless LICENSEE shall pay NCSU, within the sixty (60) day period, all
such royalties and interest due and payable. Upon the expiration of the sixty
(60) day period, if LICENSEE shall not have paid all such royalties and interest
due and payable, the rights, privileges and license granted hereunder shall
terminate.

7.05    Either party may immediately terminate this Agreement for fraud, willful
misconduct, or illegal conduct of the other party upon written notice of same to
that other party. Except as provided above, if either party fails to fulfill any
of its obligations under this Agreement, the non-breaching party may terminate
this Agreement by providing written notice to the breaching party, as provided
below. Such notice must contain a full description of the event or occurrence
constituting a breach of the Agreement. The party receiving notice of the breach
will have the opportunity to cure that breach within forty-five (45) days of
receipt of notice. If the breach is not cured within that time, the termination
will be effective as of the forty-five (45/th/) day after receipt of notice. A
party's ability to cure a breach will apply only to the first two (2) breaches
properly noticed under the terms of this Agreement, regardless of the nature of
those breaches.

                                        8

<PAGE>

Any subsequent breach by that party will entitle the other party to terminate
this Agreement upon proper notice, with no opportunity to cure.

7.06    If at any time prior to the first commercial sale of a Licensed Product
under this Agreement LICENSEE shall cease to pursue commercial development of
the Patent Rights as contemplated herein, LICENSEE shall be obligated to so
notify NCSU, and this Agreement shall automatically terminate without obligation
on the part of NCSU to refund any of the fees or royalties which may have been
paid by LICENSEE prior to such termination.

7.07    Upon the termination of this Agreement pursuant to Article 7.03,
LICENSEE may notify NCSU of the amount of Licensed Products that LICENSEE has on
hand and LICENSEE shall then have a license to sell that amount of Licensed
Products, but no more; provided, however, that LICENSEE shall pay NCSU a royalty
thereon at the rate and at the time provided for.

7.08    In the event LICENSEE'S license rights to U.S. Patent No. 4,933,844,
"Measurement of Blood Lipoprotein Constituents by Analysis of Data Acquired from
an NMR Spectrometer", are terminated for any reason, prior to expiration, then
all license rights granted herein shall terminate immediately.

7.09    Within thirty (30) days of the termination of this Agreement under
Sections 7.02, 7.03, 7.04, or 7.06, or for LICENSEE'S breach under 7.05,
LICENSEE shall duly account to NCSU and transfer to NCSU all rights which
LICENSEE may have in or to all trade names and trademarks used to identify
Licensed Products.

                  ARTICLE 8- INFRINGEMENT OF THIRD-PARTY RIGHTS
                  ---------------------------------------------

8.01    In the event that NCSU or LICENSEE is charged with infringement of a
patent by a third party or is made a party in a civil action as a result of
LICENSEE'S or a sub-licensee's practice of the Patent Rights under this
Agreement, LICENSEE shall:

        (a)  defend and/or settle any such claim of infringement or civil
             action;

        (b)  assume all cost, expenses, damages, and other obligations for
             payments incurred as a consequence of such charges of
             infringement and/or civil action;

        (c)  indemnify and hold NCSU harmless from any and all damages,
             losses, liability, and costs resulting from a charge of
             infringement or civil action which shall be brought against NCSU
             and attributable to technology added to, incorporated into or
             sold with a Licensed Product by LICENSEE or a sub-licensee or to
             manufacturing processes utilized by LICENSEE or a sub-licensee;
             and

                                       9

<PAGE>

        (d)    if such claim of infringement or civil action shall be based on
               patent claims contained in any pending or issued patent included
               in the Patent Rights, LICENSEE may terminate this Agreement
               effective immediately upon NCSU's receipt of written notice of
               termination, and LICENSEE shall have no further liability for
               claims and/or damages arising subsequent to said date of
               termination except to the extent such claims and/or damages
               arising subsequent to said date of termination arise as a
               consequence of or in connection with the sale of Licensed
               Products under Section 7.07.

8.02    NCSU shall give LICENSEE assistance, at LICENSEE'S expense, in the
defense of any such infringement charge or lawsuit, as may be reasonably
required.

        ARTICLE 9- INFRINGEMENT OF NCSU's PATENT RIGHTS BY THIRD
        --------------------------------------------------------
                                    PARTIES
                                    -------

9.01    Each party to this Agreement shall be obligated to inform the other
promptly in writing of any alleged infringement of which it becomes aware and of
any available evidence of infringement by a third party of any patents within
the Patent Rights.

9.02    If during the term of this Agreement LICENSEE becomes aware of any
alleged infringement by a third pary, LICENSEE shall have the right, but not the
obligation, to either:

        (a)    settle the infringement suit by sub-licensing the alleged
               infringer or by other means; or

        (b)    prosecute at its own expense any infringement of the Patent
               Rights. In the event LICENSEE prosecutes such infringement,
               LICENSEE may, for such purposes, request to use the name of NCSU
               as party plaintiff. Subject to the approval of the Board of
               Governors of the University of North Carolina, NCSU may agree to
               become a party plaintiff, and costs associated therewith shall be
               borne by LICENSEE.

9.03    In the event that LICENSEE undertakes the enforcement and/or defense of
the Patent Rights by litigation, including any declaratory judgment action, the
total cost of any such action commenced or defended solely by LICENSEE shall be
borne by LICENSEE. Any recovery of damages by LICENSEE as a result of such
action shall be applied first in satisfaction of any unreimbursed expenses and
attorneys' fees of LICENSEE relating to the action, and second in satisfaction
of unreimbursed legal expenses and attorneys' fees of NCSU, if any, relating to
the action. The balance remaining from any such recovery shall be distributed to
LICENSEE, provided that LICENSEE shall pay to NCSU such royalties as would
otherwise be applicable under

                                       10

<PAGE>

Article 4 hereof for that portion of LICENSEE'S recovery attributable to lost
sales. LICENSEE shall be entitled to settle any such litigation by agreement,
consent, judgment, voluntary dismissal, or otherwise, with the consent of NCSU,
which consent shall not be withheld unreasonably.

9.04    In the event LICENSEE does not undertake action to prevent the
infringing activity within three (3) months of having been made aware and
notified thereof, NCSU shall have the right, but shall not be obligated, to
prosecute at its own expense any such infringements of the Patent Rights and, in
furtherance of such right, NCSU may use the name of LICENSEE as a party
plaintiff in any such suit without expense to LICENSEE. The total cost of any
such infringement action commenced or defended solely by NCSU shall be borne by
NCSU. Any recovery of damages by NCSU for any infringement shall be applied
first in satisfaction of any unreimbursed expenses and attorneys' fees of NCSU
relating to the suit, and second toward reimbursement of LICENSEE'S reasonable
expenses, including reasonable attorneys' fees, relating to the suit. The
balance remaining from any such recovery shall be distributed to NCSU.

9.05    In any infringment suit instituted by either party to enforce the Patent
Rights pursuant to this Agreement, the other party hereto shall, at the request
and expense of the party initiating such suit, cooperate in all respects and, to
the extent possible, have its employees testify when requested and make
available relevant records, papers, information, samples, specimens, and the
like.

9.06    LICENSEE shall have the sole right in accordance with the terms and
conditions herein to sub-license any alleged infringer under the Patent Rights
for future infringements.

9.07    Any of the foregoing notwithstanding, if at any time during the term of
this Agreement any of the Patent Rights are held invalid or unenforceable in a
decision which is not appealable or is not appealed within the time allowed,
LICENSEE shall have no further obligations to NCSU with respect to its future
use or sale of any product or process covered solely by such Patent Rights,
including the obligation of paying royalties. Nevertheless, LICENSEE shall not
have a damage claim or a claim for refund or reimbursement against NCSU.

                ARTICLE 10- INDEMNITY, INSURANCE, REPRESENTATIONS
                -------------------------------------------------

10.01   LICENSEE shall indemnify, defend and hold NCSU, its trustees, officers,
employees and affiliates, harmless against all claims and expenses, including
legal expenses and reasonable attorneys' fees, arising out of the death or
injury to any person or persons or out of any damage to property and against any
other claim, proceeding, demand, expense and liability of any kind whatsoever
resulting from utilization of the Patent Rights in the production, manufacture,
sales, use, lease, consumption or advertisement of the Licensed Products by
LICENSEE and its sub-licensees or arising from any obligations of LICENSEE
hereunder, except for any claim or expenses arising

                                       11

<PAGE>

out of the negligence or willful misconduct of NCSU or its officers, agents or
employees. The parties acknowledge that NCSU's liability under this paragraph
shall be subject to the limitations of the North Carolina Tort Claims Act (N.C.
General Statutes Section 143-291).

10.02   LICENSEE shall maintain reasonable levels of product liability insurance
as soon as it has commercialized Licensed Products. NCSU shall have the right to
require such insurance policies or certificates of insurance, at NCSU's
discretion, to be made available for NCSU's inspection.

10.03   NCSU MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND,
EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND VALIDITY OF PATENT
RIGHTS CLAIMS ISSUED OR PENDING.

10.04   Nothing in this Agreement shall be deemed to be a representation or
warranty by NCSU of the validity of any of the patents or the accuracy, safety,
efficacy, or usefulness for any purpose, of any Patent Rights. NCSU shall have
no obligation, express or implied, to supervise, monitor, review, or otherwise
assume responsibility for the production, manufacture, testing, marketing, or
sale of any Licensed Product, and NCSU shall have no liability whatsoever to
LICENSEE or any third parties for or on account of any injury, loss, or damage,
of any kind or nature, sustained by, or any damage assessed or asserted against,
or any other liability incurred by or imposed upon LICENSEE or any other person
or entity, arising out of or in connection with or resulting from:

        (a) the production, use, or sale of any Licensed Product;

        (b) the use of any Patent Rights; or

        (c) any advertising or other promotional activities with respect to any
            of the foregoing.

                            ARTICLE 11- GOVERNING LAW
                            -------------------------

11.01   This Agreement shall be construed as having been entered into in the
State of North Carolina and shall be interpreted in accordance with and its
performance governed by the laws of the State of North Carolina.

                          ARTICLE 12- NON-ASSIGNABILITY
                          -----------------------------

12.01   This Agreement may not be assigned by LICENSEE except in connection with
the sale or other transfer of LICENSEE'S entire business or that part of

                                       12

<PAGE>

LICENSEE'S business to which this license relates. LICENSEE shall give NCSU
thirty (30) days prior written notice of such assignment or transfer. Any other
assignment of this Agreement without the prior written consent of NCSU shall be
void.

                               ARTICLE 13-NOTICES
                               ------------------

13.01      It shall be a sufficient giving of any notice, payment, request,
report, statement, disclosure or other communication hereunder, if the party
giving the same shall deposit a copy thereof in the Post Office in certified
mail, postage prepaid, addressed to the other party at its address hereinafter
set forth or at such other address as the other party shall have theretofore in
writing designated:

       NCSU                                        LICENSEE
       ----                                        --------

       Director                                    James D. Otvos, Ph.D.
       Office of Technology Administration         LipoMed, Inc.
       and Development                             1117 Wellstone Circle
       North Carolina State University             Apex, North Carolina 27502
       Box 7003
       1 Holladay Hall
       Raleigh, NC 27695-7003

The date of giving any such notice, request, report, statement, disclosure or
other communication, and the date of making any payment hereunder required
(provided such payment is received), shall be the date of the U.S. postmark of
such envelope if marked or actual date of receipt if delivered otherwise.

                          ARTICLE 14- NON-USE OF NAMES
                          ----------------------------

14.01      LICENSEE shall not use the name of NCSU, or any trademark, trade
device, service mark, symbol, or any abbreviation, contraction, or simulation
thereof, owned by NCSU, nor the names of any of its employees, or any adaptation
thereof, in any advertising, promotional, or sales literature without prior
written consent obtained from an authorized officer of NCSU in each case, except
that LICENSEE may state that it is licensed by NCSU under one or more of the
patents and/or patent applications comprising the Patent Rights. Failure by
LICENSEE to comply with this restriction shall be deemed a material breach of
this Agreement pursuant to section 7.05. Such material breach shall be deemed
cured if the offending use is terminated within ninety (90) days of LICENSEE's
receipt of a written notice from NCSU.

                                       13

<PAGE>

                              ARTICLE 15-SEVERANCE
                              --------------------

15.01      Each clause of this Agreement is a distinct and severable clause and
if any clause is deemed illegal, void, or unenforceable, the validity, legality,
or enforceability of any other clause or portion of this Agreement will not be
affected thereby.

                           ARTICLE 16-ENTIRE AGREEMENT
                           ---------------------------

16.01      This Agreement, including any schedules or other attachments which
are incorporated herein by reference, contain the entire agreement between the
parties as to its subject matter. This Agreement merges all prior discussions
between the parties and neither party shall be bound by conditions, definitions,
warranties, understanding, or representations concerning such subject matter
except as provided in this Agreement or as may be specified later in writing and
signed by the properly authorized representatives of the parties. This Agreement
can be modified or amended only by written agreement duly signed by persons
authorized to sign agreements on behalf of the parties.

                                ARTICLE 17-WAIVER
                                -----------------

17.01      The failure of a party in any instance to insist upon the strict
performance of the terms of this Agreement shall not be construed to be a waiver
or relinquishment of any of the terms of this Agreement, either at the time of
the party's failure to insist upon strict performance or at any time in the
future, and such term or terms shall continue in full force and effect.

                                ARTICLE 18-TITLES
                                -----------------

18.01      All titles and article headings contained in this Agreement are
inserted only as a matter of convenience and reference. They do not define,
limit, extend, or describe the scope of this Agreement or the intent of any of
its provisions.

                          ARTICLE 19-SURVIVAL OF TERMS
                          ----------------------------

19.01      The provisions of Articles 1,4,8,10,11,13,and 14 shall survive the
expiration or termination of this Agreement.

                                       14

<PAGE>

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the dates
set forth below.

                                  NORTH CAROLINA STATE UNIVERSITY

                                  By:    /s/ Charles G. Moreland
                                         ---------------------------------------

                                         Charles G. Moreland
                                         Vice Chancellor for Research, Outreach,
                                         Extension and Economic Development

                                  Date:  5/9/97
                                         ---------------------------------------

ATTEST:

By:______________________
SEAL

                                  LICENSEE

                                  By:    /s/ James D. Otvos
                                         ---------------------------------------

                                  Title: President, LipoMed, Inc.
                                         ---------------------------------------

                                  Date:  5/8/97
                                         ---------------------------------------

ATTEST:

By: /s/ Carolyn C. Phillips

SEAL

                                                        [Revised April 29, 1997]

                                       15

<PAGE>

                                    AMENDMENT

This AMENDMENT is made and entered into this 10/th/ day of January, 2001, and
amends the License Agreement entered into by and between North Carolina State
University ("NCSU"), an educational institution organized under the laws of the
State of North Carolina, and LipoMed, Inc. ("LICENSEE"), a North Carolina
corporation. The License Agreement was executed by the parties on May 9, 1997
and May 8, 1997 respectively.

The parties agree to amend the License Agreement as hereinafter set forth.

1.   The first (1/st/) recital is deleted in its entirely and the following
substituted in lieu thereof:

       WHEREAS, Dr. James Otvos has discovered an inventions entitled "Methods
and Apparatus for Measuring Blood Lipoprotein Levels by NMR Spectroscopy" (NCSU
File No. 91-02), and NCSU owns all rights, title, and interest in and to the
Patent Rights (as defined below) pertaining to such invention; and

       WHEREAS, Dr. James Otvos has discovered certain other invention entitled
"Method and Computer Program Products for Determining Risk of Developing Type 2
Diabetes and Other Insulin Resistance Related Disorders" (Serial Nos. 09/550,359
and PCT/US00/10463), and "Methods, Systems, and Computer Program Products for
Analyzing and Presenting NMR Lipoprotein-Based Risk Assessment Results" (Serial
No. 09/258,740 and 09/291,736), and NCSU and LICENSEE jointly own all rights,
title, and interest in and to the Patent Rights (as defined below) pertaining to
such other inventions; and

2.   The second (2/nd/) and third (3/rd/) recitals are amended to change, in all
instances, the word "invention" to "inventions".

3.     Article 1.01 shall be deleted in its entirety and the following
substituted in lieu thereof:

       1.01  "Patent Rights" shall mean:

       (a)   U.S. Patent No. 5,343,389 "Method and Apparatus for Measuring
             Classes and Subclasses of Lipoproteins" (filed June 17, 1993;
             issued August 30, 1994) (the "Issued Patent").

       (b)   U.S. Patent Application No. [**] "Methods and Computer Program
             Products for Determining Risk of Developing Type 2 Diabetes and
             Other Insulin Resistance Related Disorders" (filed [**]); and

                                        1

<PAGE>

       (c)   [**] "Methods and Computer Program Products for Determining Risk of
             Developing Type 2 Diabetes and Other Insulin Resistance Related
             Disorders" (filed [**]); and

       (d)   U.S. Patent Application No. [**] "Methods, Systems, and Computer
             Program Products for Analyzing and Presenting NMR Lipoprotein-Based
             Risk Assessment Results" (filed [**]); and

       (e)   U.S. Patent Application No. [**] "Methods Systems, and Computer
             Program Products for Analyzing and Presenting NMR Lipoprotein-Based
             Risk Assessment Results" (filed [**]) (collectively, the inventions
             listed as subitems (b) through (e) are referred to as the "Patent
             Applications").

       The term "Patent Rights" shall further include: letters patents, utility
models, allowances and applications therefor in all countries of the world,
including re-issues, re-examinations, continuations, continuations-in-part,
divisionals and all corresponding foreign patents (as presently or hereafter
comprised) relating to the Patent Applications.

4.     Article 1.03 is amended to add the following immediately following the
last sentence of such Article:

       As used in this Article 1.03, "unexpired claims" shall not include those
claims of Patent Applications that are canceled during patent prosecution.

5.     Article 1.04 shall be appended to add the following sentence to
immediately follow the last sentence of such Article:

       As used in this Article 1.04, "unexpired claims" shall not include those
claims of Patent Applications that are canceled during patent prosection.

6.     Article 5 is deleted and the following substituted in lieu thereof:

       5.01  NCSU shall select patent counsel and shall have sole responsibility
       for filing, prosecuting and maintaining appropriate U.S. and foreign
       patent application(s) on the Issued Patent in the name of NCSU, and all
       expenses of such protection shall be paid by LICENSEE. NCSU shall keep
       LICENSEE advised as to the prosecution of such application by forwarding
       to LICENSEE copies of all official correspondence relating thereto.
       LICENSEE agrees to cooperate with NCSU in the prosecution of such Issued
       Patent to insure that such Issued Patent reflects, to the best of NCSU's
       and LICENSEE'S knowledge, all items of commercial, scientific and
       technical interest and importance. All final decisions with respect to
       the prosecution of said patent application are reserved to NCSU.

       5.02  With respect to the Issued Patent, LICENSEE shall designate the
       foreign countries, if any, in which LICENSEE desires patent protection,
       and NCSU agrees to file, prosecute and maintain appropriate applications
       in such countries.

                                        2

<PAGE>

       LICENSEE shall pay all expenses with regard to such foreign patent
       protection. NCSU may elect to seek patent protection in countries not so
       designated by LICENSEE, in which case NCSU shall be responsible for all
       expenses attendant thereto; however, in such instances, LICENSEE shall
       forfeit its rights under this license agreement as to such countries.

       5.03  LICENSEE shall select patent counsel of its choice and shall have
       sole responsibility for filing, prosecuting and maintaining appropriate
       U.S. and foreign patent application(s) on the Patent Applications in the
       joint name of LICENSEE and NCSU, and all expenses of such protection of
       Patent Rights shall be paid by LICENSEE. LICENSEE must keep NCSU advised
       as to the prosecution of such application by forwarding to NCSU copies of
       all official correspondence relating thereto. Further, LICENSEE will give
       full consideration to any suggestions and comments from NCSU regarding
       the prosecution of the Patent Applications. NCSU agrees to cooperate with
       LICENSEE in the prosecution of the patent application(s) on the Patent
       Applications to ensure that such applications reflect, to the best of
       LICENSEE'S and NCSU's knowledge, all items of commercial, scientific, and
       technical interest and importance. All final decisions with respect to
       the prosecution of the Patent Application(s) are reserved to LICENSEE.
       Should LICENSEE elect not to file a foreign application related to a
       Patent Application, NCSU may elect to file at its sole discretion and
       expense. Should NCSU make such election, then LICENSEE forfeits all
       rights to the Patent Applications in the affected country and will assign
       the Patent Rights in that country to NCSU.

       Article 5.04 For each country in which Licensed Products will be sold,
       Licensee agrees to mark all Licensed Products it commercializes with the
       applicable patent number.

Except to the extent provided above, the terms and conditions of the original
License Agreement remain in full force and effect as originally executed.

IN WITNESS WHEREOF, the parties have executed this AMENDMENT on the dates set
forth below.

NORTH CAROLINA STATE UNIVERSITY            LIPOMED, INC.

/s/ Charles G. Moreland                    /s/ Richard A. Franco
------------------------------------       -------------------------------------

By: Charles G. Moreland                    By: Richard A. Franco

Title: Vice Chancellor, Research           Title: CEO
and Graduate Studies

Date: 1/10/01                              Date: 1/10/01
      ------------------------------       -------------------------------------

                                        3

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