Document:

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                                                                     EXHIBIT 4.3

NEITHER THIS WARRANT NOR THE SHARES OF STOCK ISSUABLE UPON EXERCISE HEREOF HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED; OR ANY APPLICABLE
STATE SECURITIES LAWS. NO SALE, TRANSFER OR OTHER DISPOSITION OF THIS WARRANT OR
SAID SHARES MAY BE EFFECTED WITHOUT (i) AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO, (ii) AN OPINION OF COUNSEL FOR THE HOLDER, REASONABLY
SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED OR (iii)
RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION TO THE
EFFECT THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED.

Shares Issuable Upon Exercise: 25,000 Shares

                               WARRANT TO PURCHASE
                             SHARES OF COMMON STOCK
                             ----------------------

                            Expires October 31, 2007

     THIS CERTIFIES THAT, for value received, First Union National Bank ("First
Union") is entitled to subscribe for and purchase 25,000 shares (as adjusted
pursuant to the provisions hereof, sometimes referred to herein as the
"Shares"), of the fully paid and nonassessable Common Stock of Lipomed, Inc., a
Delaware corporation (the "Company") at a price per share of $4.00 (such price
and such other price as result, from time to time, from adjustments specified
herein is herein referred to as the "Warrant Price"), subject to the provisions
and upon the terms and conditions hereinafter set forth. As used herein, the
term "Grant Date" shall mean October 31, 2000.

     1.    Warrant Term.
           ------------

           The purchase right represented by this Warrant is exercisable, in
whole or in part, at any time and from time to time and after the Grant Date and
prior to the earlier of the seventh annual anniversary date of the Grant Date.

     2.    Method of Exercise; Net Issue Exercise.
           ---------------------------------------

     2.1   Method of Exercise: Payment; Issuance of New Warrant. This Warrant
           ----------------------------------------------------
may be exercised by the holder hereof, in whole or in part and from time to
time, by the surrender of this Warrant (with the notice of exercise form
attached hereto as Exhibit A duly executed) at the principal office of the
Company and (i) by converting all or a portion of the principal and accrued but
unpaid interest, if any, under the promissory note issued by the Company to
First Union dated October 31, 2000 (the "Note") in an amount equal to the then
applicable Warrant Price per share

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multiplied by the number of Shares then being purchased, and/or (ii) by the
payment to the Company by check of an amount equal to the then applicable
Warrant Price per share multiplied by the number of Shares then being purchased.
The person or persons in whose name(s) any certificate(s) representing shares of
Common Stock shall be issuable upon exercise of this Warrant shall be deemed to
have become the holder(s) of record of, and shall be treated for all purposes as
the record holder(s) of, the shares represented thereby (and such shares shall
be deemed to have been issued) immediately prior to the close of business on the
date or dates upon which this Warrant is exercised. In the event of any exercise
of the rights represented by this Warrant, certificates for the shares of stock
so purchased shall be delivered to the Holder hereof as soon as possible and in
any event within thirty days of receipt of such notice and, unless this Warrant
has been fully exercised or expired, a new Warrant representing the portion of
the Shares, if any, with respect to which this Warrant shall not then have been
exercised shall also be issued to the holder hereof as soon as possible and in
any event within such thirty-day period.

     2.2    Net Issue Exercise.
            ------------------

            (a)  In lieu of exercising this Warrant, holder may elect to receive
shares equal to the value of this Warrant (or the portion thereof being
canceled) by surrender of this Warrant at the principal office of the Company
together with notice of such election, in which event the Company shall issue to
holder a number of shares of the Company's Common Stock computed using the
following formula:

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

            Where        X =         the number of shares of Common Stock to be
                                     issued to Holder.

                         Y =         the number of shares of Common Stock
                                     purchasable under this Warrant.

                         A =         the fair market value of one share of the
                                     Company's Common Stock.

                         B =         Warrant Price (as adjusted to the date of
                                     such calculations).

            (b)  For purposes of this Section, fair market value of the
Company's Common Stock shall mean the average of the closing bid and asked
prices of the Company's Common Stock quoted in the Over-The-Counter Market
Summary or the average closing price quoted on any exchange on which the Common
Stock is listed, whichever is applicable, as published in the Eastern Edition of
The Wall Street Journal for the fifteen (15) trading days prior to the date of
-----------------------
determination of fair market value. If the Common Stock is not traded
Over-The-Counter or on an exchange, the fair market value shall be determined in
good faith by the Board of Directors of the Company.

                                        2

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     2.3    Company's Option Upon Merger. In the event of (i) any consolidation
            ----------------------------
or merger of the Company with or into any other corporation, or (ii) any sale of
all or substantially all of the assets of the Company, in either case in which
the Company shall not be the continuing surviving entity and immediately after
which the holders of the voting shares of the Company immediately prior to such
event hold less than a majority of the total voting power of the continuing and
surviving entity, then the Company shall have the option to purchase this
Warrant on the closing date of such event for cash or securities in an amount
per Share equal to the excess (if any) of the Market Value (as defined herein)
of the Shares over the Warrant Price. The Market Value of each Share shall be
determined by dividing the total consideration to be received by the Company or
its stockholders in connection with such event by the number of shares of Common
Stock then outstanding, assuming that all options, warrants and convertible
securities of the Company have been converted or exercised in full into Common
Stock. Any securities to be delivered to the Company or its security holders
shall be valued as follows:

            (A) If traded on a national securities exchange, the value shall be
            deemed to be the average of the closing prices of the securities on
            such exchange over the 15-day period ending five (5) business days
            prior to the closing; and

            (B) If traded over-the-counter, the value shall be deemed to be the
            average closing bid and asked prices of the securities over the
            15-day period ending five (5) business days prior to the closing;
            and

            (C) If there is no public market, the value shall be the fair market
            value thereof, as determined in good faith by the Board of Directors
            of the Company.

     3.     Stock Fully Paid; Reservation of Shares. During the period within
            ---------------------------------------
which the rights represented by the Warrant may be exercised, the Company will
at all times have authorized and reserved for the purpose of issuance upon
exercise of the purchase rights evidenced by this Warrant, a sufficient number
of shares of its Common Stock to provide for the exercise of the right
represented by this Warrant.

     4.     Adjustment of Warrant Price and Number of Shares. The number and
            ------------------------------------------------
kind of securities purchasable upon the exercise of the Warrant and the Warrant
Price shall be subject to adjustment from time to time upon the occurrence of
certain events, as follows:

            (a)   Reclassification or Merger. In case of any reclassification,
                  --------------------------
change or conversion of securities of the class issuable upon exercise of this
Warrant (other than a change in par value, or from par value to no par value, or
from no par value to par value, or as a result of a subdivision or combination),
or in case of any merger of the Company with or into another corporation (other
than a merger with another corporation in which the Company is a continuing
corporation and which does not result in any reclassification or change of
outstanding securities issuable upon exercise of this Warrant), or in case of
any sale of all or substantially all of the assets of the Company, the Company,
or such successor or purchasing corporation, as the case may be, shall execute a
new Warrant (in form and substance satisfactory to the holder of this

                                        3

<PAGE>

Warrant) providing that the holder of this Warrant shall have the right to
exercise such new Warrant and upon such exercise to receive, in lieu of each
share of Common Stock theretofore issuable upon exercise of this Warrant, the
kind and amount of shares of stock and other securities, money and property
receivable upon such reclassification, change or merger by a holder of one share
of Common Stock. Such new Warrant shall provide for adjustments that shall be as
nearly equivalent as may be practicable to the adjustments provided for in this
Paragraph 4. The provisions of this subparagraph (a) shall similarly apply to
successive reclassifications, changes, mergers and transfers.

            (b)   Subdivisions or Combination of Shares. If the Company at any
                  -------------------------------------
time while this Warrant remains outstanding and unexpired shall subdivide or
combine its Common Stock, the Warrant Price and the number of shares issuable
upon exercise hereof shall be proportionately adjusted.

            (c)   Stock Dividends. If the Company at any time while this Warrant
                  ---------------
is outstanding and unexpired shall pay a dividend payable in shares of Common
Stock (except any distribution specifically provided for in the foregoing
subparagraphs (a) and (b), then the Warrant Price shall be adjusted, from and
after the date of determination of stockholders entitled to receive such
dividend or distribution, to that price determined by multiplying the Warrant
Price in effect immediately prior to such date of determination by a fraction
(a) the numerator of which shall be the total number of shares of Common Stock
outstanding immediately prior to such dividend or distribution, assuming that
all options, warrants and convertible securities of the Company have been
converted into or exercised for Common Stock and (b) the denominator of which
shall be the total number of shares of Common Stock outstanding immediately
after such dividend or distribution, assuming that all options, warrants and
convertible securities of the Company have been converted into or exercised for
Common Stock, and the number of Shares subject to this Warrant shall be
proportionately adjusted.

     5.     Fractional Share. No fractional shares of Common Stock will be
            ----------------
issued in connection with any exercise hereunder, but in lieu of such fractional
shares the Company shall make a cash payment therefor upon the basis of the
Warrant Price then in effect.

     6.     Compliance with Securities Act; Disposition of Warrant or Shares of
            -------------------------------------------------------------------
Common Stock.
------------

            (a)   Compliance with Securities Act of 1933. The holder of this
                  --------------------------------------
Warrant, by acceptance hereof, represents, warrants and agrees that this Warrant
and the shares of Common Stock to be issued upon exercise hereof are being
acquired for investment and that such holder will not offer, sell or otherwise
dispose of this Warrant or any shares of Common Stock to be issued upon exercise
hereof except under circumstances which will not result in a violation of the
Securities Act of 1933, as amended (the "1933 Act"), or any applicable state
securities laws. This Warrant and all shares of Common Stock issued upon
exercise of this Warrant shall be stamped or imprinted with a legend in
substantially the following form:

                                        4

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     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. NO SALE OR DISPOSITION
     MAY BE EFFECTED WITHOUT (i) AN EFFECTIVE REGISTRATION STATEMENT RELATED
     THERETO, (ii) AN OPINION OF COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY
     TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED OR (iii) RECEIPT OF
     A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION TO THE
     EFFECT THAT REGISTRATION UNDER THE 1993 ACT IS NOT REQUIRED.

           (b)    Disposition of Warrant and Shares. With respect to any offer,
                  ---------------------------------
sale or other disposition of this Warrant or any shares of Common Stock acquired
pursuant to the exercise of this Warrant, the holder hereof and each subsequent
holder of the Warrant agrees to give written notice to the Company prior
thereto, describing briefly the manner thereof, together with a written opinion
of such holder's counsel, if reasonably requested by the Company, to the effect
that such offer, sale or other disposition may be effected without registration
or qualification (under the 1933 Act as then in effect or any federal or state
law then in effect) of this Warrant or such shares of Common Stock and
indicating whether or not under the 1933 Act certificates for this Warrant or
such shares of Common Stock to be sold or otherwise disposed of require any
restrictive legend as to applicable restrictions on transferability in order to
ensure compliance with such registration requirements. Each certificate
representing this Warrant or the shares of Common Stock thus transferred (except
a transfer pursuant to Rule 144) shall bear a legend as to the applicable
restrictions on transferability in order to ensure compliance with the 1933 Act
and any applicable state securities laws, unless in the aforesaid opinion of
counsel for the holder which is acceptable to the Company or its counsel, such
legend is not required in order to ensure compliance with the 1933 Act and any
applicable state securities laws. The Company may issue stop transfer
instructions to its transfer agent in connection with the foregoing
restrictions.

     7.    No Stockholder Rights. No holder of the Warrant, as such, shall be
           ---------------------
entitled to vote or receive dividends or be deemed the holder of Common Stock or
any other securities of the Company which may at any time be issuable on the
exercise thereof for any purpose, nor shall anything contained herein be
construed to confer upon the holder of this Warrant, 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 receive dividends or subscription rights or otherwise until this Warrant
shall have been exercised and the Shares purchasable upon the exercise hereof
shall have become deliverable, as provided herein.

     8.    Registration Rights. The rights granted pursuant to this Section 8
           -------------------
shall terminate at such time as all of the Warrant Shares have been sold by the
Warrantholder (as defined below) or become sellable pursuant to Rule 144 of the
Securities and Exchange Commission (or a similar successor or additional
exemption) without volume restrictions, or can be sold at the same time within
applicable volume restrictions.

           (a)    Certain Definitions. For the purposes of this Section 8, the
                  -------------------
following terms shall have the following meanings:

                                        5

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            (i)    "Registrable Securities" shall mean the shares of Common
Stock issuable upon exercise of this Warrant (when and if issued in accordance
therewith).

            (ii)   "1934 Act" shall mean the Securities Exchange Act of 1934, as
amended.

            (iii)  "Warrantholder" shall mean any registered holder of this
Warrant or any registered transferee thereof pursuant to Section 6 hereof.

            (b)    Incidental Registration.
                   -----------------------

            (i)    Whenever the Company proposes to register any of its Common
Stock under the 1933 Act in a public offering for cash, whether as a primary or
secondary offering or pursuant to registration rights granted to holders of
other securities of the Company (other than a registration relating to employee
benefit plans, mergers or acquisitions or the initial underwritten public
offering by the Company of its Common Stock), the Company shall, each such time,
give the Warrantholder(s) advance written notice thereof. Upon the written
request of the Warrantholder(s) within 20 days after each Warrantholder's
receipt of such notice, the Company shall use its best efforts to cause to be
included in such registration all of the Registrable Securities which the
Warrantholder(s) requests to be registered; provided, however, that (i) the
Warrantholder(s) agrees to sell such Registrable Securities in the same manner
and on the same terms and conditions as the other holders of Common Stock which
the Company proposes to register; and (ii) the Company may, in its sole
discretion and without the consent of any holder, withdraw such registration
statement and abandon the proposed offering in which any such holder had
requested to participate.

            (ii)   Underwriting. If the registration for which the Company gives
                   ------------
notice is for a registered public offering involving an underwriting, the
Company shall so advise the Warrantholder(s) as a part of the written notice
given pursuant to subsection (a) above. In such event the right of the
Warrantholder(s) to registration shall be conditioned upon the participation by
such holder(s) in such underwriting and the inclusion of the Registrable
Securities of such holder(s) in the underwriting to the extent provided herein.
All Warrantholders proposing to distribute their securities through such
underwriting shall (together with the Company and the other holders distributing
their securities through such underwriting) enter into an underwriting agreement
in customary form with the managing underwriter selected for such underwriting
by the Company. Notwithstanding any other provisions of this subsection, if the
managing underwriter determines that marketing factors require a limitation of
the number of shares to be underwritten, the managing underwriter may reduce the
Registrable Securities proposed to be included in such registration by such
Warrantholder(s) pro rata, in accordance with the number of Registrable
Securities requested to be included in such registration. If any Warrantholder
or other holder disapproves of the terms of any such underwriting, such holder
may elect to withdraw therefrom by written notice to the Company and the
managing underwriter.

                                        6

<PAGE>

            (c)   Obligations of the Company. Whenever required under subsection
                  --------------------------
(b) to use its best efforts to effect the registration of any of the Registrable
Securities, the Company shall, as expeditiously as possible:

            (i)   Prepare and file with the Securities and Exchange Commission a
registration statement with respect to such Registrable Securities and use in
its best efforts to cause such registration statement to become effective;

            (ii)  Prepare and file with the Securities and Exchange Commission
such amendments and supplements to such registration statement and the
prospectus used in connection therewith as may be necessary to comply with the
provisions of the 1933 Act with respect to the deposition of all securities
covered by such registration statement;

            (iii) Furnish to each Warrantholder participating in such
registration such number of copies of prospectus, including a preliminary
prospectus, in conformity with the requirements of the 1933 Act, and such other
documents as the Warrantholder may reasonably request in order to facilitate the
disposition of Registrable Securities owned by it; and

            (iv)  Use its best efforts to register and qualify the securities
covered by such registration statement under such other securities or Blue Sky
laws of such jurisdictions as shall be reasonably appropriate for the
distribution of the securities covered by the registration statement, provided
that the Company shall not be required in connection therewith or as a condition
thereto to qualify to do business or to file a general consent to service of
process in any such states or jurisdictions.

            (d)   Furnish Information. It shall be a condition precedent to the
                  -------------------
obligations of the Company to take any action pursuant to this Section that the
Warrantholder shall furnish to the Company such information regarding it, the
Registrable Securities held by it and the intended method of disposition thereof
as the Company shall reasonably request and as shall be required in connection
with the action to be taken by the Company.

            (e)   Expenses of Registration. All expenses incurred in connection
                  ------------------------
with a registration pursuant to subsection (b) (excluding underwriting
commissions and discounts), including without limitation all registration and
qualification fees, printing and accounting fees and reasonable fees and
disbursements of counsel for the Company shall be borne by the Company.

            (f)   Delay of Registration. No Warrantholder shall not have any
                  ---------------------
right to take any action to restrain, enjoin or otherwise delay any registration
as the result of any controversy which might arise with respect to the
interpretation or implementation of this Section 8.

            (g)   Indemnification. In the event any of the Registerable
                  ---------------
Securities are included in a registration statement under this Section 8:

                                        7

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            (i)    To the extent permitted by law, the Company will indemnify
and hold harmless the Warrantholder, each officer, director, shareholder or
partner of the Warrantholder, any underwriter (as defined in the 1933 Act) for
the Warrantholder, and each person, if any, who controls the Warrantholder, or
such underwriter within the meaning of the 1933 Act, against any losses, claims,
damages or liabilities, joint or several, to which they may become subject under
the 1933 Act, or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon
untrue or alleged untrue statement of any material fact contained in such
registration statement, including any preliminary prospectus or final prospectus
contained therein or any amendments or supplements thereto, or arise out of or
are based upon the omission or alleged omission to state therein a material fact
required to be stated therein, or necessary to make the statements therein not
misleading; and will reimburse the Warrantholder, each such officer, director,
shareholder or partner of the Warrantholder, and such underwriter or controlling
person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such loss, claim, damage, liability or
action; provided, however, that the indemnity agreement contained in this
subsection (g) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability or action if such settlement is effected without the
consent of the Company (which consent shall not be unreasonably withheld) nor
shall the Company be liable in any such case for any such loss, claim, damage
liability or action to the extent that it arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission
made in connection with such registration statement, preliminary prospectus,
final prospectus, or amendments or supplements thereto, in reliance upon and in
conformity with written information furnished expressly for use in connection
with such registration by the Warrantholder or any such underwriter or
controlling person.

            (ii)   To the extent permitted by law, the Warrantholder will
indemnify and hold harmless the Company, each of its directors and officers,
each person, if any, who controls the Company within the meaning of the 1933 Act
and any underwriter for the Company (within the meaning of the 1933 Act) or any
person who controls the underwriter against any losses, claims, damages or
liabilities to which the Company or any such director, officer, controlling
person or underwriter may become subject, under the 1933 Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereto) arise out of or are based upon any untrue or alleged untrue statement
of any material fact contained in such registration statement , including any
preliminary prospectus or final prospectus contained therein or any amendments
or supplements thereto, or arise out of or based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in such registration
statement, preliminary prospectus, final prospectus, or amendments or
supplements thereto, in reliance upon and in conformity with written information
furnished by the Warrantholder expressly for use in connection with such
registration; and the Warrantholder will reimburse any legal or other expenses
reasonably incurred by the Company or any such director, officer, controlling
person or underwriter in connection with investigating or defending any such
loss, claim, damage, liability or action; provided, however, that the liability
of the Warrantholder under this subsection (g) shall be limited to the amount of
proceeds received by the

                                       8

<PAGE>

Warrantholder from the sale of the Registerable Securities (or the Warrant with
respect thereto). It is agreed that the indemnity agreement contained in this
subsection (g) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability or action if such settlement is effected without the
consent of the Warrantholder (which consent shall not be unreasonably withheld).

            (iii) Promptly after receipt by a party indemnified under this
subsection (g) of Notice of commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against any indemnifying party
under this subsection (g), notify the indemnifying party in writing of the
commencement thereof and the indemnifying party shall have the right to
participate in, and to the extent the indemnifying party desires, jointly with
any other indemnifying party similarly noticed, to assume the defense thereof
with counsel mutually satisfactory to the parties. The failure to notify an
indemnifying party promptly of the commencement of any such action, if
prejudicial to his ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this
subsection (g), but the omission so to notify the indemnifying party will not
relieve him of any liability which he may have to any indemnified party other
than under this subsection (g).

            (iv)  In order to provide for just and equitable contribution to
joint liability under the 1933 Act in circumstances in which the indemnity
provisions provided for in this section are for any reason held to be
unavailable to the indemnified parties although applicable in accordance with
its terms; then, in each such case, the Company and such Warrantholder(s) will
contribute to the aggregate losses, claims, damages or liabilities to which they
may be subject (after contribution from others) in such proportions as shall be
appropriate to reflect the relative fault of the Company, on the one hand, and
such Warrantholder(s), on the other hand, with such relative fault determined by
reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company or by such Warrantholder(s), and
the parties' relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission; provided, however, that, in
any such case, (A) no such Warrantholder will be required to contribute any
amount in excess of the proceeds to it of all Registrable Shares sold by it
pursuant to such registration statement, and (B) no person or entity guilty of
fraudulent misrepresentation, within the meaning of Section 11(f) of the 1933
Act, shall be entitled to contribution from any person or entity who is not
guilty of such fraudulent misrepresentation.

            (h)   Transfer of Registration Rights. The registration rights of
                  -------------------------------
the Warrantholder under this Section 8 may be transferred to any transferee of
the Warrantholder provided that the Company is given written notice by the
Warrantholder at the time of such transfer stating the name and address of the
transferee and identifying the Registrable Securities with respect to which the
rights under this Section 8 are being assigned.

            (i)   Lock-up Agreement. For so long as any Warrantholder has the
                  -----------------
right to have Registrable Securities included in any registration pursuant to
this Agreement, the Warrantholder agrees in connection with any registration of
the Company's securities, upon the request of the underwriters managing any
underwritten offering of the Company's securities, not

                                        9

<PAGE>

to sell, make any short sale of, pledge, grant any option for the purchase of or
otherwise dispose of any Registrable Securities (other than those included in
the registration) without the prior written consent of the Company or such
underwriters, as the case may be, during the seven (7) days prior to and during
the 180-day period beginning on the effective date of such registration, as the
Company or the underwriters may specify. This provision shall apply whether or
not any Registrable Securities of the Warrantholder are included in the
offering.

            9.    Modification and Waiver. This Warrant and any provision hereof
                  -----------------------
may be changed, waived, discharged or terminated only by an instrument in
writing signed by the party against which enforcement of the same is sought.

            10.   Notices. Any notice, request or other document required or
                  -------
permitted to be given or delivered to the holder hereof of the Company shall be
delivered, or shall be sent by certified or registered mail, postage prepaid, to
each such holder at its address as shown on the books of the Company or to the
Company at the address indicated therefore on the signature page of this
Warrant.

            11.   Binding Effect on Successors: This Warrant shall be binding
                  ----------------------------
upon any corporation succeeding the Company merger, consolidation or acquisition
of all or substantially all of the Company's assets, and all of the obligations
of the Company relating to the Common Stock issuable upon the exercise of this
Warrant shall survive the exercise and termination of this Warrant and all of
the covenants and agreements of the Company shall insure the benefit of the
successors and assigns of the holder hereof.

            12.   Lost Warrants or Stock Certificates. The Company covenants to
                  -----------------------------------
the holder hereof that upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction, or mutilation of this Warrant or any
stock certificate and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity or bond reasonably satisfactory to the Company, or in
the case of any such mutilation upon surrender and cancellation of such Warrant
or stock certificate, the Company will make and deliver a new Warrant or stock
certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated
Warrant or stock certificate.

            13.   Descriptive Headings. The descriptive headings of the several
                  --------------------
paragraphs of this Warrant are inserted for convenience only and do not
constitute a part of this Warrant.

            14.   Governing Law. THIS WARRANT SHALL BE CONSTRUED AND ENFORCED IN
                  -------------
ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAWS OF
THE STATE OF DELAWARE.

            15.   Transfers, etc.
                  --------------

                  (a)    The Company will maintain a register containing the
names and addresses of the holders of this Warrant. Any holder may change its or
his address as shown on the warrant register by written notice to the Company
requesting such change.

                                       10

<PAGE>

            (b)   Subject to the provisions of Section 6 hereof, this Warrant
and all rights hereunder are transferable, in whole or in part, upon surrender
of this Warrant with a properly executed assignment (in the form of Exhibit B
                                                                    ---------
hereto) at the principal office of the Company; provided, however, that this
Warrant may not be transferred to a competitor of the Company, as determined in
good faith by the Board of Directors of the Company.

            (c)   Until any transfer of the Warrant is made in the warrant
register, the Company may treat the registered holder of this Warrant as the
absolute owner hereof for all purposes; provided, however, that if and when this
Warrant is properly assigned in blank, the Company may (but shall not be
obligated to) treat the bearer hereof as the absolute owner hereof for all
purposes, notwithstanding any notice to the contrary.

                                        LIPOMED, INC.

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

                                        Title:  Chief Executive Officer
                                               --------------------------------

                                        Address:  3009 New Bern Ave.
                                                -------------------------------

                                            Raleigh, NC  27610
                                           ------------------------------------

                                       11

<PAGE>

                                    EXHIBIT A
                                    ---------

                               Notice of Exercise

To:

     1.  The undersigned hereby elects to purchase ___________ shares of Common
Stock of LipoMed, Inc. pursuant to the terms of the attached Warrant, and
tenders herewith payment of the purchase price of such shares in full.

     2.  Please issue a certificate or certificates representing said shares in
the name of the undersigned or in such other name or names as are specified
below:

     3.  The undersigned represents that the aforesaid shares are being acquired
for the account of the undersigned for investment and not with a view to, or for
resale in connection with, the distribution thereof and that the undersigned has
no present intention of distributing or reselling such shares.

                                        ________________________________________
                                                       (Signature)

_________________________________
             (Date)

                                       12

<PAGE>

                                    EXHIBIT B
                                    ---------

                                 Assignment Form

     FOR VALUE RECEIVED, __________________________________ hereby sells,
assigns and transfers all of the rights of the undersigned under the attached
Warrant with respect to the number of shares of stock covered thereby set forth
below, unto:

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

____________________     _________________________      ______________________

____________________     _________________________      ______________________

Dated: _____________     Signature: ______________

Dated: _____________     Witness: ________________

                                       13<PAGE>

                                                                     EXHIBIT 4.4

NEITHER THIS WARRANT NOR THE SHARES OF STOCK ISSUABLE UPON EXERCISE HEREOF HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED; OR ANY APPLICABLE
STATE SECURITIES LAWS. NO SALE, TRANSFER OR OTHER DISPOSITION OF THIS WARRANT OR
SAID SHARES MAY BE EFFECTED WITHOUT (i) AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO, (ii) AN OPINION OF COUNSEL FOR THE HOLDER, REASONABLY
SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED OR (iii)
RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION TO THE
EFFECT THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED.

Shares Issuable Upon Exercise: 78,276 Shares of Common Stock

                               WARRANT TO PURCHASE
                             SHARES OF COMMON STOCK
                             ----------------------

                             Expires August 24, 2006

     THIS CERTIFIES THAT, for value received, Pacific Growth Equities, Inc. (the
"Holder") is entitled to subscribe for and purchase 78,276 shares (as adjusted
pursuant to the provisions hereof, sometimes referred to herein as the "Warrant
Shares"), of the fully paid and nonassessable Common Stock of Lipomed, Inc., a
Delaware corporation (the "Company") at a price per share of $3.48 (such price
and such other price as result, from time to time, from adjustments specified
herein is herein referred to as the "Warrant Price"), subject to the provisions
and upon the terms and conditions hereinafter set forth. As used herein, the
term "Grant Date" shall mean August 24, 2001.

     1.   Warrant Term.
          ------------

          The purchase right represented by this Warrant is exercisable, in
whole or in part, at any time and from time to time after the Grant Date and
prior to the earlier of the fifth annual anniversary date of the Grant Date.

     2.   Method of Exercise; Net Issue Exercise.
          --------------------------------------

     2.1  Method of Exercise: Payment; Issuance of New Warrant. This Warrant may
          ----------------------------------------------------
be exercised by the Holder, in whole or in part and from time to time, by the
surrender of this Warrant (with the notice of exercise form attached hereto as
Exhibit A duly executed) at the principal office of the Company and by the
---------
payment to the Company by check of an amount equal to the then applicable
Warrant Price per share multiplied by the number of Warrant Shares then being
purchased. The person or persons in whose name(s) any certificate(s)
representing

<PAGE>

shares of Common Stock shall be issuable upon exercise of this Warrant shall be
deemed to have become the holder(s) of record of, and shall be treated for all
purposes as the record holder(s) of, the shares represented thereby (and such
shares shall be deemed to have been issued) immediately prior to the close of
business on the date or dates upon which this Warrant is exercised. In the event
of any exercise of the rights represented by this Warrant, certificates for the
shares of stock so purchased shall be delivered to the Holder as soon as
possible and in any event within thirty days of receipt of such notice and,
unless this Warrant has been fully exercised or expired, a new Warrant
representing the portion of the Warrant Shares, if any, with respect to which
this Warrant shall not then have been exercised shall also be issued to the
holder hereof as soon as possible and in any event within such thirty-day
period.

          2.2  Net Issue Exercise.
               ------------------

               (a)  In lieu of exercising this Warrant, the Holder may elect to
receive shares equal to the value of this Warrant (or the portion thereof being
canceled) by surrender of this Warrant at the principal office of the Company
together with notice of such election, in which event the Company shall issue to
holder a number of shares of the Company's Common Stock computed using the
following formula:

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

                    Where        X =   the number of shares of Common Stock to
                                       be issued to Holder.

                                 Y =   the number of shares of Common Stock
                                       purchasable under this Warrant.

                                 A =   the fair market value of one share of the
                                       Company's Common Stock.

                                 B =   Warrant Price (as adjusted to the date of
                                       such calculations).

               (b) For purposes of this Section, fair market value of the
Company's Common Stock shall mean the average of the closing bid and asked
prices of the Company's Common Stock quoted in the Over-The-Counter Market
Summary or the average closing price quoted on any exchange on which the Common
Stock is listed, whichever is applicable, as published in the Eastern Edition of
The Wall Street Journal for the fifteen (15) trading days prior to the date of
-----------------------
determination of fair market value. If the Common Stock is not traded
Over-The-Counter or on an exchange, the fair market value shall be determined in
good faith by the Board of Directors of the Company.

          2.3  Company's Option Upon Merger. In the event of (i) any
               ----------------------------
consolidation or merger of the Company with or into any other corporation, or
(ii) any sale of all or substantially all of the

                                        2

<PAGE>

assets of the Company, in either case in which the Company shall not be the
continuing surviving entity and immediately after which the holders of the
voting shares of the Company immediately prior to such event hold less than a
majority of the total voting power of the continuing and surviving entity, then
the Company shall have the option, at its sole discretion, to purchase this
Warrant on the closing date of such event for cash or securities in an amount
per Warrant Share equal to the excess (if any) of the Market Value (as defined
herein) of the Warrant Shares over the Warrant Price. The Market Value of each
Warrant Share shall be determined by dividing the total consideration to be
received by the Company or its stockholders in connection with such event by the
number of shares of Common Stock then outstanding, assuming that all options,
warrants and convertible securities of the Company have been converted or
exercised in full into Common Stock. Any securities to be delivered to the
Company or its security holders shall be valued as follows:

          (A) If traded on a national securities exchange, the value shall be
          deemed to be the average of the closing prices of the securities on
          such exchange over the 15-day period ending five (5) business days
          prior to the closing; and

          (B) If traded over-the-counter, the value shall be deemed to be the
          average closing bid and asked prices of the securities over the 15-day
          period ending five (5) business days prior to the closing; and

          (C) If there is no public market, the value shall be the fair market
          value thereof, as determined in good faith by the Board of Directors
          of the Company.

     3.   Stock Fully Paid; Reservation of Shares. During the period within
          ---------------------------------------
which the rights represented by the Warrant may be exercised, the Company will
at all times have authorized and reserved for the purpose of issuance upon
exercise of the purchase rights evidenced by this Warrant, a sufficient number
of shares of its Common Stock to provide for the exercise of the right
represented by this Warrant.

     4.   Adjustment of Warrant Price and Number of Shares. The number and kind
          ------------------------------------------------
of securities purchasable upon the exercise of the Warrant and the Warrant Price
shall be subject to adjustment from time to time upon the occurrence of certain
events, as follows:

          (a)  Reclassification or Merger. In case of any reclassification,
               --------------------------
change or conversion of securities of the class issuable upon exercise of this
Warrant (other than a change in par value, or from par value to no par value, or
from no par value to par value, or as a result of a subdivision or combination),
or in case of any merger of the Company with or into another corporation (other
than a merger with another corporation in which the Company is a continuing
corporation and which does not result in any reclassification or change of
outstanding securities issuable upon exercise of this Warrant), or in case of
any sale of all or substantially all of the assets of the Company, the Company,
or such successor or purchasing corporation, as the case may be, shall execute a
new Warrant providing that the holder of this Warrant shall have the right to
exercise such new Warrant and upon such exercise to receive, in lieu of each
share of Common Stock theretofore issuable upon exercise of this Warrant, the
kind and amount of shares

                                        3

<PAGE>

of stock and other securities, money and property receivable upon such
reclassification, change or merger by a holder of one share of Common Stock.
Such new Warrant shall provide for adjustments that shall be as nearly
equivalent as may be practicable to the adjustments provided for in this
Paragraph 4. The provisions of this subparagraph (a) shall similarly apply to
successive reclassifications, changes, mergers and transfers.

          (b)  Subdivisions or Combination of Shares. If the Company at any time
               -------------------------------------
while this Warrant remains outstanding and unexpired shall subdivide or combine
its Common Stock, the Warrant Price and the number of shares issuable upon
exercise hereof shall be proportionately adjusted.

          (c)  Stock Dividends. If the Company at any time while this Warrant is
               ---------------
outstanding and unexpired shall pay a dividend payable in shares of Common Stock
(except any distribution specifically provided for in the foregoing
subparagraphs (a) and (b), then the Warrant Price shall be adjusted, from and
after the date of determination of stockholders entitled to receive such
dividend or distribution, to that price determined by multiplying the Warrant
Price in effect immediately prior to such date of determination by a fraction
(a) the numerator of which shall be the total number of shares of Common Stock
outstanding immediately prior to such dividend or distribution, assuming that
all options, warrants and convertible securities of the Company have been
converted into or exercised for Common Stock and (b) the denominator of which
shall be the total number of shares of Common Stock outstanding immediately
after such dividend or distribution, assuming that all options, warrants and
convertible securities of the Company have been converted into or exercised for
Common Stock, and the number of Shares subject to this Warrant shall be
proportionately adjusted.

     5.   Fractional Share. No fractional shares of Common Stock will be issued
          ----------------
in connection with any exercise hereunder, but in lieu of such fractional shares
the Company shall make a cash payment therefor upon the basis of the Warrant
Price then in effect.

     6.   Compliance with Securities Act; Disposition of Warrant or Shares of
          -------------------------------------------------------------------
Common Stock.
------------

          (a)  Compliance with Securities Act of 1933. The holder of this
               --------------------------------------
Warrant, by acceptance hereof, represents, warrants and agrees that this Warrant
and the shares of Common Stock to be issued upon exercise hereof are being
acquired for investment and that such holder will not offer, sell or otherwise
dispose of this Warrant or any shares of Common Stock to be issued upon exercise
hereof except under circumstances which will not result in a violation of the
Securities Act of 1933, as amended (the "1933 Act"), or any applicable state
securities laws. This Warrant and all shares of Common Stock issued upon
exercise of this Warrant shall be stamped or imprinted with a legend in
substantially the following form:

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. NO SALE OR DISPOSITION
     MAY BE EFFECTED WITHOUT (i) AN EFFECTIVE REGISTRATION STATEMENT RELATED
     THERETO, (ii) AN OPINION OF

                                        4

<PAGE>

     COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH
     REGISTRATION IS NOT REQUIRED OR (iii) RECEIPT OF A NO-ACTION LETTER FROM
     THE SECURITIES AND EXCHANGE COMMISSION TO THE EFFECT THAT REGISTRATION
     UNDER THE 1993 ACT IS NOT REQUIRED.

          (b)  Disposition of Warrant and Shares. With respect to any offer,
               ---------------------------------
sale or other disposition of this Warrant or any shares of Common Stock acquired
pursuant to the exercise of this Warrant, the holder hereof and each subsequent
holder of the Warrant agrees to give written notice to the Company prior
thereto, describing briefly the manner thereof, together with a written opinion
of such holder's counsel, if reasonably requested by the Company, to the effect
that such offer, sale or other disposition may be effected without registration
or qualification (under the 1933 Act as then in effect or any federal or state
law then in effect) of this Warrant or such shares of Common Stock and
indicating whether or not under the 1933 Act certificates for this Warrant or
such shares of Common Stock to be sold or otherwise disposed of require any
restrictive legend as to applicable restrictions on transferability in order to
ensure compliance with such registration requirements. Each certificate
representing this Warrant or the shares of Common Stock thus transferred (except
a transfer pursuant to Rule 144) shall bear a legend as to the applicable
restrictions on transferability in order to ensure compliance with the 1933 Act
and any applicable state securities laws, unless in the aforesaid opinion of
counsel for the holder which is acceptable to the Company or its counsel, such
legend is not required in order to ensure compliance with the 1933 Act and any
applicable state securities laws. The Company may issue stop transfer
instructions to its transfer agent in connection with the foregoing
restrictions.

     7.   No Stockholder Rights. No holder of the Warrant, as such, shall be
          ----------------------
entitled to vote or receive dividends or be deemed the holder of Common Stock or
any other securities of the Company which may at any time be issuable on the
exercise thereof for any purpose, nor shall anything contained herein be
construed to confer upon the holder of this Warrant, 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 receive dividends or subscription rights or otherwise until this Warrant
shall have been exercised and the Shares purchasable upon the exercise hereof
shall have become deliverable, as provided herein.

     8.   Registration Rights.
          --------------------

          (a)  The Company acknowledges and agrees that with respect to the
Warrant Shares, the Holder shall have the registration rights provided in
Section 2 of that certain Investor Rights Agreement, dated as of December 22,
2000, by and among the Company and certain holders of the capital securities of
the Company (the "Rights Agreement"). The Company and the Holder hereby agree
that "Registrable Securities" as defined in Section 2.1(b) of the Rights
Agreement shall include the Warrant Shares.

          (b)  Lock-up Agreement. For so long as any Holder has the right to
               ------------------
have Warrant Shares included in any registration pursuant to this Agreement, the
Holder agrees in connection with any registration of the Company's securities,
upon the request of the

                                        5

<PAGE>

underwriters managing any underwritten offering of the Company's securities, not
to sell, make any short sale of, pledge, grant any option for the purchase of or
otherwise dispose of any Warrant Shares (other than those included in the
registration) without the prior written consent of the Company or such
underwriters, as the case may be, during the seven (7) days prior to and during
the 180-day period beginning on the effective date of such registration, as the
Company or the underwriters may specify. This provision shall apply whether or
not any Warrant Shares of the Holder are included in the offering.

     9.   Modification and Waiver. This Warrant and any provision hereof may be
          -----------------------
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the same is sought.

     10.  Notices. Any notice, request or other document required or permitted
          --------
to be given or delivered to the holder hereof of the Company shall be delivered,
or shall be sent by certified or registered mail, postage prepaid, to each such
holder at its address as shown on the books of the Company or to the Company at
the address indicated therefore on the signature page of this Warrant.

     11.  Binding Effect on Successors: This Warrant shall be binding upon any
          -----------------------------
corporation succeeding the Company merger, consolidation or acquisition of all
or substantially all of the Company's assets, and all of the obligations of the
Company relating to the Common Stock issuable upon the exercise of this Warrant
shall survive the exercise and termination of this Warrant and all of the
covenants and agreements of the Company shall insure the benefit of the
successors and assigns of the holder hereof.

     12.  Lost Warrants or Stock Certificates. The Company covenants to the
          ------------------------------------
holder hereof that upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction, or mutilation of this Warrant or any
stock certificate and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity or bond reasonably satisfactory to the Company, or in
the case of any such mutilation upon surrender and cancellation of such Warrant
or stock certificate, the Company will make and deliver a new Warrant or stock
certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated
Warrant or stock certificate.

     13.  Descriptive Headings. The descriptive headings of the several
          ---------------------
paragraphs of this Warrant are inserted for convenience only and do not
constitute a part of this Warrant.

     14.  Governing Law. THIS WARRANT SHALL BE CONSTRUED AND ENFORCED IN
          --------------
ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAWS OF
THE STATE OF DELAWARE.

     15.  Transfers, etc.
          ---------------

          (a)  The Company will maintain a register containing the names and
addresses of the holders of this Warrant. Any holder may change its or his
address as shown on the warrant register by written notice to the Company
requesting such change.

                                        6

<PAGE>

          (b)  Subject to the provisions of Section 6 hereof, this Warrant and
all rights hereunder are transferable, in whole or in part, upon surrender of
this Warrant with a properly executed assignment (in the form of Exhibit B
                                                                 ---------
hereto) at the principal office of the Company; provided, however, that this
Warrant may not be transferred to a competitor of the Company, as determined in
good faith by the Board of Directors of the Company.

          (c)  Until any transfer of the Warrant is made in the warrant
register, the Company may treat the registered holder of this Warrant as the
absolute owner hereof for all purposes; provided, however, that if and when this
Warrant is properly assigned in blank, the Company may (but shall not be
obligated to) treat the bearer hereof as the absolute owner hereof for all
purposes, notwithstanding any notice to the contrary.

                                           LIPOMED, INC.

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

                                           Title: Chief Executive Officer
                                                 -------------------------------

                                           Address: 700 Spring Forest Road
                                                   -----------------------------

                                                    Raleigh, NC 27609
                                           -------------------------------------

                                        7

<PAGE>

                                    EXHIBIT A
                                    ---------

                               Notice of Exercise

To:

     1.   The undersigned hereby elects to purchase ___________ shares of Common
Stock of LipoMed, Inc. pursuant to the terms of the attached Warrant, and
tenders herewith payment of the purchase price of such shares in full.

     2.   Please issue a certificate or certificates representing said shares in
the name of the undersigned or in such other name or names as are specified
below:

     3.   The undersigned represents that the aforesaid shares are being
acquired for the account of the undersigned for investment and not with a view
to, or for resale in connection with, the distribution thereof and that the
undersigned has no present intention of distributing or reselling such shares.

                                       _________________________________________
                                                     (Signature)

_________________________________
           (Date)

                                        8

<PAGE>

                                    EXHIBIT B
                                    ---------

                                 Assignment Form

     FOR VALUE RECEIVED, __________________________________ hereby sells,
assigns and transfers all of the rights of the undersigned under the attached
Warrant with respect to the number of shares of stock covered thereby set forth
below, unto:

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

________________________    ____________________    ________________________

________________________    ____________________    ________________________

Dated: ______________        Signature: _________________

Dated: ______________        Witness:   _________________

                                        9

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