Document:

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                                                                     EXHIBIT 4.6

     THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
     AS AMENDED (THE "SECURITIES ACT"), AND THEY MAY NOT BE OFFERED, SOLD,
     PLEDGED, HYPOTHECATED, ASSIGNED OR TRANSFERRED EXCEPT (i) PURSUANT TO A
     REGISTRATION STATEMENT UNDER THE SECURITIES ACT WHICH HAS BECOME EFFECTIVE
     AND IS CURRENT WITH RESPECT TO THESE SECURITIES, OR (ii) PURSUANT TO A
     SPECIFIC EXEMPTION FORM REGISTRATION UNDER THE SECURITIES ACT BUT ONLY UPON
     THE HOLDER HEREOF FIRST HAVING OBTAINED THE WRITTEN OPINION OF COUNSEL TO
     THE CORPORATION, OR OTHER COUNSEL REASONABLY ACCEPTABLE TO THE CORPORATION,
     THAT THE PROPOSED DISPOSITION IS CONSISTENT WITH ALL APPLICABLE PROVISIONS
     OF THE SECURITIES ACT AS WELL AS ANY APPLICABLE "BLUE SKY" OR OTHER STATE
     SECURITIES LAW.

                         COMMON STOCK PURCHASE WARRANT

              For the Purchase of 100,000 Shares of Common Stock

                                      of

                        SHEFFIELD PHARMACEUTICALS, INC.

                           (A Delaware Corporation)

1.   Warrant.
     -------

        THIS CERTIFIES THAT, for value received, Continental Capital & Equity
Corporation (the "Holder"), as registered owner of this Warrant, is entitled
during the period commencing March 17, 1999 and ending at 5:00 pm., New York
City time, on the earlier to occur of (i) the third anniversary of the date
hereof and (ii) the first anniversary of the date that the shares of Common
Stock issuable upon exercise of this Warrant (the "Warrant Shares") are first
registered for resale pursuant to an effective registration statement (such
earlier date being the " Expiration Date"), but not thereafter, to subscribe
for, purchase and receive, in whole or in part, up to One Hundred Thousand
(100,000) shares of Common Stock, par value $.01 per share (the "Common Stock"),
of Sheffield Pharmaceuticals, Inc., a Delaware corporation (the "Company") in
accordance with the terms hereof.

        The exercise price (the "Exercise Price") per share of Common Stock
shall be $2.25 per share.

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2.   Exercise.
     --------

          In order to exercise this Warrant, the exercise form attached hereto
must be duly executed, completed and delivered to the Company, together with
this Warrant and payment of the applicable Exercise Price for the shares of the
common Stock being purchased. If the rights represented hereby shall not have
been exercised before 5:oo p.m., New York City time, on the Termination Date,
this Warrant shall become and be void and without  further force or effect and
all rights represented hereby shall cease and expire.

3.   Transfer.
     --------

          3.1  General Restrictions. The registered Holder of this Warrant, by
               --------------------
his acceptance hereof, agrees that it shall not sell, transfer or assign or
hypothecate this Warrant without the prior written consent of the Company. The
shares of Common Stock issuable upon exercise of this Warrant shall be subject
to the transfer restrictions set forth below.

          3.2  Restrictions Imposed by the Securities Act. The Holder by
               ------------------------------------------
accepting this Warrant confirms that the Warrants were acquired by the Holder
solely for investment and with no present intention to distribute any Warrants
or securities issuable upon the exercise hereof only in compliance with
applicable Federal and state securities laws. The shares of Common Stock
purchased upon exercise of this Warrant shall not be transferred unless and
until (i) the company has received the opinion of counsel for the Holder that
such shares may be sold pursuant to an exemption from registration under the
Securities Act of 1933, as amended (the "Securities Act"), the availability of
which is established to the reasonable satisfaction of the Company, or (ii) a
registration statement relating to such shares has been filed by the Company and
declared effective by the Securities and Exchange Commission ("the Commission")

          Each certificate for securities purchased upon exercise of this
Warrant shall bear a legend substantially as follows unless such securities
have been registered under the Securities Act:

          "The securities represented by this certificate have not been
          registered under the Securities Act of 1933 ("the Act"). The
          securities may not be offered for sale, sold or otherwise transferred
          except (i) pursuant to an effective registration statement under the
          Act or (ii) pursuant to an exemption from registration under the Act
          in respect of which the Company has received an opinion of counsel
          satisfactory to the Company to such effect. Copies of the agreement
          covering both

                                      -2-

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          the purchase of the securities and restricting their transfer may be
          obtained at no cost by written request made by the holder of record of
          this certificate to the Secretary of the Company at the principal
          executive offices of the Company."

4.   New Warrants to be Issued.
     -------------------------

          4.1  Partial Exercise or Transfer. Subject to the restrictions in
               ----------------------------
Section 3 hereof, this Warrant may be exercised in whole or in part. In the
event of the exercise hereof in part, upon surrender of this Warrant for
cancellation, together with the duly executed exercise form, the Company shall
cause to be delivered to the Holder without charge a new warrant or new warrants
of like tenor with this Warrant in the name of the Holder evidencing the right
to purchase, in the aggregate, the remaining number of underlying shares of
Common Stock purchasable hereunder after giving effect to any such partial
exercise.

          4.2  Lost Certificate. Upon receipt by the Company of evidence
               ----------------
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant
and of an indemnification in favor of the Company, reasonably satisfactory to
it, the Company shall execute and deliver a new warrant of like tenor and date.
Any such new warrants executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute an additional contractual obligation
on the part of the Company.

5.   Reservation. The Company shall at all times reserve and keep available out
     -----------
of its authorized shares of Common Stock, solely for the purpose of issuance
upon exercise of the Warrant, such number of authorized but unissued shares of
Common Stock, free from preemptive rights, as shall be issuable upon the
exercise thereof. The Company covenants and agrees that, upon exercise of the
Warrant and payment of the applicable Exercise Price therefor, all shares of
Common Stock shall be duly and validly issued, fully paid and nonassessable and
not subject to preemptive rights of any stockholder. The Company further
covenants and agrees that upon exercise of this Warrant and payment of the
applicable Exercise Price therefor, all shares of Common Stock shall be duly and
validly issued, fully paid and nonassessable and not subject to preemptive
rights of any stockholder. If the Common Stock is then listed on a national
securities exchange, all shares of Common Stock issued upon exercise of this
Warrant shall also be duly listed thereon.

6.   Adjustments. The Exercise Price and the number of shares purchasable
     -----------
hereunder are subject to adjustment from to time as follows.

          6.1  Merger, Sale of Assets, Etc. If at any time while this Warrant,
               ---------------------------
or any portion thereof, is outstanding and unexpired

                                      -3-

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there shall be (i) a reorganization (other than a combination, reclassification,
exchange or subdivision of shares otherwise provided for herein), (ii) a merger
or consolidation of the Company with or into another corporation in which the
Company is the surviving entity but the shares of the Company's capital stock
outstanding immediately prior to the merger are converted by virtue of the
merger into other property, whether in the form of securities, cash, or
otherwise, or (iii) a sale or transfer of the Company's properties and assets
as, or substantially as, an entirety to any other person, then as a part of such
reorganization, merger, consolidation, sale or transfer lawful provision shall
be made so that the holder of this Warrant shall thereafter be entitled to
receive upon exercise of this Warrant, during the period specified herein and
payment of the Exercise Price then in effect, the number of shares of stock or
other securities or property of the successor corporation resulting from such
reorganization, merger, consolidation, sale or transfer that a holder of the
shares deliverable upon exercise of this Warrant would have been entitled to
receive in such reorganization, consolidation, merger, sale or transfer if this
Warrant had been exercised immediately before such reorganization, merger,
consolidation, sale or transfer, all subject to further adjustment as provided
in this Section 6. The foregoing provisions of this Section 6 shall similarly
apply to successive reorganization, consolidations, mergers, sales and transfers
and to the stock or securities of any other corporation that are at the time
receivable upon the exercise of this Warrant. If the per-share consideration
payable to the holder hereof for shares in connection with any such transaction
is in a form other than cash or marketable securities, then the value of such
consideration shall be determined in good faith by the Company's Board of
Directors. In all events, appropriate adjustment (as determined in good faith
by the Company's Board of Directors) shall be made in the application of the
provisions of this Warrant with respect to the rights and interests of the
Holder after the transaction, to the end that the provisions of this Warrant
shall be applicable after that event, as near as reasonably may be, in relation
to any shares or other property deliverable after that event upon exercise of
this Warrant.

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

                                      -4-

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

        6.4   Certificate as to Adjustments. Upon the occurrence of each
              -----------------------------
adjustment or readjustment pursuant to this Section 6, the Company at its
expense shall promptly compute such adjustment or readjustment in accordance
with the terms hereof and furnish to each Holder of this Warrant a certificate
setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based.

7.   Registration Rights.
     -------------------

        7.1   "Piggy Back" Registration Rights. If the Company shall at any time
              --------------------------------
or from time to time after the date hereof determine to register any of its
securities with the Commission (other than by means of a registration statement
on a form (e.g., Form F-4, S-4 or S-8 or successor forms) which, by its terms,
           ----
could not be used for the sale and distribution of the Company's common stock),
Sheffield shall:

        (a)   give written notice thereof to the Holder;

        (b)   use its best efforts to effect the registration and any
     qualifications of Warrant Shares.

        7.2   Expenses. The Company shall bear all expenses in connection with
              --------
any registration, qualification and compliance under this Section 7, including,
without limitations, all registration and filing fees, printing expenses and
fees and disbursements of Company's counsel, provided, that the Company shall
not, in any event, be required to bear the cost of any commissions and
compensation paid, and concessions and discounts allowed to, underwriters,
dealers or others performing similar functions in connection with the sale and
distribution of the Warrant Shares sold by the Holder.

       7.3    Information Provided by the Holder. Holder shall furnish in
              ----------------------------------
writing to the Company such information regarding Holder and the distribution
proposed by Holder as the Company may request in writing and as shall be
reasonably required in connection with any registration referred to in this
Section 7.

                                      -5-

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          7.4  Prospectuses, Etc.  The Company will, at its expense, furnish to
               -----------------
Holder such number of prospectuses, offering circulars and other documents
incident to such registration and related qualification or compliance as Holder
from time to time may reasonably request.

          7.5  Underwritten Offering; Exceptions.  (a) In the event any
               ---------------------------------
registration under this Section 7 is underwritten and the managing underwritter
determines that the inclusion of any Warrant Shares would materially interfere
with the successful completion thereof in the reasonable judgment of such
managing underwriter, then the number of Warrant Shares to be included may be
reduced by such amount as such managing underwriting shall determine.

          (b)  The Company shall have no obligation to register the Warrant
Shares under any registration statement that would be prohibited due to any
contractual rights granted by the Company prior to the date of this Warrant.

8.   Certain Notice Requirements.
     ---------------------------

          8.1  Holder's Right to Receive Notice.  Nothing herein shall be
               --------------------------------
construed as conferring upon the Holder the right to vote or consent or to
receive notice as a stockholder for the election of directors or any other
matter, or as having any rights whatsoever as a stockholder of the Company prior
to the exercise hereof (including the right to receive dividends). If, however,
at any time prior to the expiration of the Warrant and its exercise, any of the
events described in Section 6 shall occur, then, in one or more of said events,
the Company shall give written notice of such event at least ten (10) days prior
to the date fixed as a record date or the date of closing the transfer books for
the determination of the stockholders entitled to such dividend, distribution,
conversion or exchange of securities or subscription rights, or entitled to vote
on such proposed dissolution,liquidation, winding up, merger, consolidation,
reorganization or sale. Such notice shall specify such record date or the date
of the closing of the transfer books, as the case may be.

          8.2  Transmittal of Notices.  Any notice or other communication or
               ----------------------
delivery required or permitted hereunder shall be in writing and shall be
delivered personally or sent by certified mail, postage prepaid, or by a
nationally recognized overnight courier service, and shall be deemed given when
so delivered personally or by overnight courier service, or, if mailed, three
(3) days after the date of deposit in the United States mails, as follows:

                                      -6-

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     (i)  if to the Company, to:

          Sheffield Pharmaceuticals, Inc.
          425 South Woodsmill Road, Suite 270
          St. Louis, Missouri 63017-3441
          Attention:  Chief Financial Officer

          With a copy to:

          Olshan Grundman Frome & Rosenzweig LLP
          505 Park Avenue
          New York, New York 10022
          Attention:  Daniel J. Gallagher, Esq.

     (ii) if to the Holder, to the address of such Holder as shown on the books
of the Company.

Either of the Holder or the Company may change the foregoing address by notice
given pursuant to this Section 8.2.

9.  Miscellaneous.
    -------------

          9.1  Purchase for Investment. By his acceptance of this Warrant, the
               -----------------------
Holder represents and warrants that the Holder has acquired this Warrant for the
Holder's own account for investment and not with the view to the distribution
thereof, except in accordance with applicable federal and state securities laws.
The Holder represents that he is an "accredited investor" as such term is
defined under Rule 501 of Regulation D promulgated under the Securities Act. The
Holder confirms that she has been advised that the Warrants have not been, and
the shares of Common Stock issuable upon exercise of this Warrant Shares will
not be, registered under the Securities Act and that he has consulted with and
been advised by counsel as to the restrictions on resale to which this Warrant
and such Shares will be subject.

          9.2  Amendments. All modifications or amendments to this Warrant shall
               ----------
require the written consent of each party.

          9.3  Headings.   The headings contained herein are for the sole
               --------
purpose of convenience of reference, and shall not in any way limit or affect
the meaning or interpretation of any of the terms or provisions of this Warrant.

          9.4  Issuance Under Agreement.  The Holder and the Company acknowledge
               ------------------------
that this Warrant is issued to Holder in satisfaction of the Company's
obligations to Continental Capital & Equity Corporation under the agreement
dated September 17, 1998 between the Company and Continental Capital & Equity
Corporation.

          9.5  Entire Agreement.   This Warrant constitutes the entire agreement
               ----------------
of the parties hereto with respect to the subject

                                      -7-

<PAGE>

matter hereof, and supersede all prior agreements and understandings of the
parties, oral and written, with respect to the subject matter hereof.

          9.6  Binding Effect; Board Approval.   This warrant shall inure solely
               ------------------------------
to the benefit of and shall be binding upon, the Holder and the Company and
their permitted assignees, respective successors, legal representatives and
assigns, and no other person shall have or be construed to have any legal or
equitable right, remedy or claim under or in respect of or by virtue of this
Warrant or any provisions herein contained.  This Warrant shall become effective
upon its approval by the Board of Directors of the Company.

          9.7  Governing Law.   This Warrant shall be governed by and construed
               -------------
and enforced in accordance with the laws of the State of New York, without
giving effect to conflict of laws.

          9.8  Waiver, Etc.  The failure of the Company or the Holder to at any
               -----------
time enforce any of the provisions of this Warrant shall not be deemed or
construed to be a waiver of any such provision, nor to in any way affect the
validity of this Warrant or any provison hereof or the right of the Company or
any Holder to thereafter enforce each and every provision of this Warrant. No
waiver of any breach, noncompliance or nonfulfillment of any of the provisions
of this Warrant shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such
waiver is sought; and no waiver of any such breach, noncompliance or
nonfulfillment shall be construed or deemed to be a waiver of any other or
subsequent breach, noncompliance or nonfulfillment.

          IN WITNESS WHEREOF, the Company has caused this Warrant to be signed
by its duly authorized officer as of the 17th day of September, 1998.

                                           SHEFFIELD PHARMACEUTICALS, INC.

                                           By: /s/ Loren G. Peterson
                                               --------------------------
                                                   Loren G. Peterson
                                                   President and CEO

AGREED AND ACCEPTED:

CONTINENTAL CAPITAL & EQUITY CORPORATION

By: /s/ Jim Schnorf
    -----------------------
    Name:  JIM SCHNORF
    Title: CFO

                                      -8-

<PAGE>

Form to be used to exercise Warrant:

Sheffield Pharmaceuticals, Inc.
425 South Woodsmill Road, Suite 270
St. Louis, Missouri 63017-3441
Attention: Chief Financial Officer

Date: ______________, 19___

          The Undersigned hereby elects irrevocably to exercise the within
Warrant and to purchase __________ shares of Common Stock of Sheffield
Pharmaceuticals, Inc. and hereby makes payment of $____________ (at the rate of
$___________ per share) in payment of the Exercise Price pursuant thereto.
Please issue the shares as to which this Warrant is exercised in accordance with
the instructions given below.

                                             ___________________________________
                                             Signature

                                             ___________________________________
                                             Signature Guaranteed

                  INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name________________________________________________________________________
                           (Print in Block Letters)

Address_____________________________________________________________________

          NOTICE:  The signature to this form must correspond with the name as
written upon the face of the within Warrant in every particular without
alteration or enlargement or any change whatsoever, and must be guaranteed by a
bank, other than a savings bank, or by a trust company or by a firm having
membership on a registered national securities exchange.

                                      -9-<PAGE>
                                                                     Exhibit 4.7

THE WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE COMMON STOCK ISSUABLE UPON
EXERCISE OF SUCH WARRANTS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR UNDER ANY STATE SECURITIES LAWS, AND ARE TRANSFERABLE ONLY
                         IN COMPLIANCE WITH SUCH LAWS

                             WARRANT CERTIFICATE

                   20,000 Warrants to Purchase Common Stock

                        Sheffield Pharmaceuticals, Inc.

            (Incorporated under the laws of the State of Delaware)

          This is to certify that, for value received, The P. L. Thomas Group,
Inc., or registered assigns, is the owner of 20,000 Warrants, each of which
entitles the registered owner to purchase from Sheffield Pharmaceuticals, Inc.,
a Delaware corporation (the "Corporation"), at any time after the date
specified below, one share of fully paid and non-assessable common stock
(the "Common Stock") of the Corporation, at a purchase price per share of $3.00
(the "Applicable Exercise Price"), subject to adjustment as set forth herein.
This Warrant Certificate covers an aggregate of 20,000 shares of Common Stock,
subject to adjustment as set forth herein. The shares of Common Stock issuable
upon the exercise of the Warrants are sometimes called the "Warrant Share."

          Subject to the provisions hereof, the Warrants represented by this
Warrant Certificate may be exercised by the registered holder in whole or in
part by surrender of this Warrant Certificate at the principal executive offices
of the Corporation with the form of election to exercise attached hereto duly
executed and with payment in full to the Corporation of the Applicable Exercise
Price for each of the Warrant Shares so purchased. Payment of such Applicable
Exercise Price shall be made in cash or by certified official bank check.
Thereupon, the Warrants shall be deemed to have been exercised and the person
exercising the same to have become a holder of record of the Warrant Shares so
purchased (or of the other securities or property to which such person is
entitled upon such exercise) for all purposes; and certificates for Warrant
Shares so purchased shall be delivered to the purchaser within a reasonable time
(not exceeding 10 days) after the Warrants shall have been exercised as set
forth above.

          The right of the registered holder to exercise the Warrants
represented by this Warrant Certificate shall be exercisable in full on or after
October 15, 1997, and until 5:00 p.m., Eastern Standard Time, October 15, 2002
(the "Expiration Time"). Any Warrants not exercised on or before the Expiration
Time shall expire and be of no further force or effect. If only a portion of the
Warrants shall be exercised, the holder of this Warrant Certificate shall be
entitled to

<PAGE>

receive a similar warrant certificate of like tenor and date covering the number
of Warrants which shall not have been exercised.

          This Warrant Certificate is exchangeable upon surrender by its
registered holder at the principal executive offices of the Corporation, for new
warrant certificates of like tenor and date representing in the aggregate the
right to purchase the number of Warrant Shares which may be purchased hereunder.

          This Warrant Certificate and the rights evidenced hereby may not be
sold, conveyed, pledged or otherwise transferred by the holder hereof without
the prior written consent of the Corporation.

          The Corporation covenants and agrees that all shares of Common Stock
which may be issued upon the exercise of the rights represented by this Warrant
Certificate will, upon issuance, be validly issued, fully paid and non-
assessable and free from all taxes, liens and charges with respect to the issue
thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue). The Corporation further covenants and agrees that it will at
all times have authorized and reserved a sufficient number of shares of Common
Stock to provide for the exercise of the rights represented by this Warrant
Certificate.

                                   ARTICLE I

          Section 1.1  Adjustment of Applicable Exercise Price.
                       ---------------------------------------

          (a)  The Applicable Exercise Price shall be subject to adjustment from
time to time as follows:

          (i)  If the number of shares of Common Stock outstanding at any time
     after the date hereof is increased by a stock dividend payable in shares of
     Common Stock or by a subdivision or split-up of shares of Common Stock,
     then, following the record date fixed for the determination of holders of
     Common Stock entitled to receive such stock dividend, subdivision or split-
     up, the number of Warrants and the Applicable Exercise Price shall be
     appropriately adjusted so that the number of shares of Common Stock
     issuable on exercise of each Warrant shall be increased and the Applicable
     Exercise Price decreased in proportion to such increase of outstanding
     shares.

          (ii) If the number of shares of Common Stock outstanding at any time
     after the date hereof is decreased

                                      -2-

<PAGE>

     by a combination of the outstanding shares of Common Stock, then, following
     the record date for such combination, the number of Warrant Shares issuable
     upon exercise of Warrants and the Applicable Exercise Price shall be
     appropriately adjusted so that the number of shares of Common Stock
     issuable on exercise of each Warrant shall be decreased and the Applicable
     Exercise Price shall be increased in proportion to such decrease in
     outstanding shares.

          (iii) If any consolidation or merger of the Corporation with or into
     another entity, or the sale of all or substantially all its assets to
     another entity shall be effected, or in case of any capital reorganization
     or reclassification of the capital stock of the Corporation, then lawful
     and adequate provision shall be made whereby each holder of Warrants shall
     thereafter have the right to receive upon the basis and upon the terms and
     conditions specified herein and in lieu of the shares of Common Stock of
     the Corporation immediately theretofore receivable upon the conversion of
     such Warrants, such shares of stock, securities, interests or assets as may
     be issued or payable with respect to or in exchange for a number of
     outstanding shares of Common Stock equal to the number of shares of Common
     Stock immediately theretofore so receivable by such holder had such
     consolidation, merger, sale, reorganization or reclassification not taken
     place, and in any such case appropriate provision shall be made with
     respect to the rights and interests of the holder to the end that the
     provisions hereof (including without limitation provisions for adjustment
     of the Applicable Exercise Price) shall thereafter be applicable, as nearly
     as may be in relation to any shares of stock, securities or assets
     thereafter deliverable upon the exercise of such conversion rights.

          (iv)  All calculations under this paragraph (a) shall be made to the
     nearest cent or to the nearest one hundredth (1/100) of a share, or one
     cent ($.01), as the case may be.

          (b)    In any case in which the provisions of this Article I shall
require that an adjustment shall become effective immediately after a record
date for an event, the Corporation may defer until the occurrence of such event
(x) issuing to the holder of any Warrant exercised after such record date and
before the occurrence of such event, the additional shares of Common Stock
issuable upon such exercise by reason of the adjustment required by such event
over and above the shares of Common Stock issuable upon such exercise before
giving effect to such adjustment and (y) paying to such holder any amount in
cash in lieu of a fractional share of Common Stock pursuant to

                                      -3-

<PAGE>

Section 1.2; provided, however, that the Corporation shall deliver to such
             --------  -------
holder a due bill or other appropriate instrument evidencing such holder's right
to receive such additional shares, and such cash, upon the occurrence of the
event requiring such adjustment.

          (c)  Except in the case of shares registered pursuant to Section 2.1,
any and all Warrant Shares issued pursuant to the exercise of the Warrants shall
bear a legend reflecting that such Warrant Shares have not been registered under
the Securities Act of 1933, as amended, or under any state securities law, and
cannot be transferred by sale, pledge or otherwise, except in compliance with
such securities laws and all regulations thereunder. As a condition to the
issuance of Warrant Shares, the holder hereof requesting to so exercise the
Warrants shall execute appropriate investment letters and shall deliver such
other documents (including legal opinions) as may be reasonably required by the
Corporation and its counsel to assure that Warrant Shares are issued only in
compliance with applicable securities law.

          (d)  In the event the Corporation proposes to take any action of the
types described in this Section 1.1, the Corporation shall give notice to each
holder of Warrants, at the address of such holder shown on the books of the
Corporation, which notice shall specify the record date, if any, with respect to
any such action and the date on which such action is to take place. The notice
shall also set forth the facts with respect thereto reasonably necessary to
indicate the effect of the action (to the extent the effect may be known at the
date of such notice) on the Applicable Exercise Price and the number, kind or
class of shares or other securities or property which shall be deliverable or
purchasable upon the occurrence of such action or deliverable upon exercise of
the Warrants. In the case of any action which would require the fixing of a
record date, notice shall be given at least 10 days prior to the date so fixed,
and in case of all other action, such notice shall be given at least 15 days
prior to taking of such proposed action. Failure to give such notice, or any
defect therein, shall not affect the legality or validity of any such action,
and the holder of these Warrants shall have no right to prevent or delay any
such action by injunction or otherwise.

          (e)  In the event that at any time as a result of an adjustment made
pursuant to this Section 1.1, the holder of any Warrants thereafter surrendered
or exercised shall become entitled to receive any shares of the Corporation or
another corporation other than shares of Common Stock, the provisions of

                                      -4-

<PAGE>

this Section 1.1 and Section 1.2 with respect to the Common Stock shall apply on
like terms to any such other shares.

          Section 1.2.  No certificates for fractional shares of Common Stock
shall be issued upon the exercise of Warrants, but in lieu thereof the
Corporation shall pay, upon exercise in full of the Warrants represented by this
Warrant Certificate, out of funds legally available therefor, a cash adjustment
in respect of such fractional shares based upon the then effective Applicable
Exercise Price.

                                  ARTICLE II

          Section 2.1.  If the Corporation at any time after the date hereof,
proposes to register any of its shares of Common Stock under the Securities Act
pursuant to a registration statement (other than pursuant to a registration
statement on Form S-4 or S-8 or any successor or similar forms), it will
promptly give written notice to the registered holder hereof of its intention to
do so and, upon the written request of the holder given within 20 days after
receipt of any such notice (which request shall state the intended method of
disposition of such Warrant Shares by such holder), the Corporation will use its
best efforts to cause any or all of the Warrant Shares held by such holder, or
which may be acquired by such holder upon exercise of the Warrants, to be
registered under the Securities Act, all to the extent requisite to permit the
sale or other disposition (in accordance with the intended methods thereof, as
aforesaid) by such holder of such Warrant Shares; provided, however, that the
Corporation may at any time withdraw or cease proceeding with any such
registration if it shall at the same time withdraw or cease proceeding with the
registration of such other Common Stock originally proposed to be registered;
provided, further, that if the Corporation's underwriters recommend a reduction
in the number of shares to be registered, the number of Warrant Shares which the
Corporation is required to register hereunder on behalf of the holder shall be
reduced in the same ratio that recommended reduction bears to the total number
of shares (other than shares of Common Stock issuable by the Company) originally
proposed to be registered. The Corporation need not reduce the number of any
shares which it proposes to sell, in which case any reduction shall be allocated
proportionately among the balance of the shares to be registered (other than
shares of Common Stock issuable by the Company), including the Warrant Shares.
In addition, if at any time after the date hereof the Corporation proposes to
register shares of its date hereof the Corporation proposes to register shares
of its Common Stock for offering otherwise than in connection with an
underwritten public offering (including pursuant to

                                      -5-

<PAGE>

Rule 415(a)(iii) or (viii) of the Securities Act), the Corporation will use its
best efforts to cause any Warrant Shares not theretofore issued to be registered
for issuance upon exercise thereof.

     Section 2.2.   All expenses incurred by the Corporation in complying with
this Article II, including, without limitation, all registration and filing fees
(including all expenses incident to filing with the National Association of
Securities Dealers, Inc.), printing expenses, fees and disbursements of counsel
for the Corporation, the expense of any special audits incident to or required
by any such registration, and the expense (including counsel fees) of complying
with securities or Blue Sky laws shall be paid by the Corporation; provided in
no event shall the Corporation be liable for any fees payable to counsel or
accountants retained by any holder hereof or for underwriting fees, discounts or
selling commissions attributable to such Warrant Shares.

     Section 2.3.   In the event of any registration of Warrant Shares under the
Securities Act pursuant to this Article 2, the Corporation will indemnify and
hold harmless the holder against any losses, claims, damages or liabilities to
which such holder may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained (on the effective date thereof) in any
registration statement under which such Warrant Shares were registered under the
Securities Act, any preliminary prospectus, prospectus subject to completion or
final prospectus contained therein, or any amendment or supplement 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 such holder for reasonable
legal or any other expenses reasonably incurred by such holder in connection
with investigating or defending any such loss, claim, damage, liability or
action; provided, however, that the Corporation will not be liable in any such
case to the extent that any such loss, claim, damage or liability arises out of
or is based upon an untrue statement or omission or alleged omission made in
said registration statement, said preliminary prospectus, prospectus subject to
completion or final prospectus, or said amendment or supplement in reliance upon
and in conformity with written information furnished to the Corporation through
an instrument duly executed by such holder specifically for use in the
preparation thereof.

                                      -6-
<PAGE>

     Section 2.4.   In the event of any registration of any Warrant Shares
pursuant to this Article II, the holder will indemnify and hold harmless the
Corporation, its attorneys, accountants, underwriters and each other person, if
any, who controls the Corporation within the meaning of the Securities Act,
against any losses, claims, damages or liabilities, joint or several, to which
the Corporation or such other person may become subject under the Securities Act
or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon any untrue statement or
alleged untrue statement of any material fact contained (on the effective date
thereof) in any registration statement under which such Warrant Shares were
registered under the Securities Act, any preliminary prospectus, prospectus
subject to completion or final prospectus contained therein, or any amendment or
supplement 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, in each case to the
extent and only to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in said registration statement, said
preliminary prospectus, prospectus subject to completion or said amendment or
supplement in reliance upon and in conformity with written information furnished
to the Corporation through an instrument duly executed by such holder
specifically for use in the preparation thereof, and such holder will reimburse
the Corporation and each such other person for any legal or any other expenses
reasonably incurred by the Corporation or such other person in connection with
investigating or defending any such loss, claim, damage, liability or action.

     Section 2.5.   In the event of any claim for which indemnity is sought
under Section 2.3 or 2.4, above, the party seeking indemnification shall give
prompt notice of its claim to the other party and shall permit the other party
to engage counsel and to defend against the same.

     Section 2.6.   The holder's right to request registration of Warrant Shares
under this Article II shall cease and terminate as to any particular Warrant
Shares when such Warrant Shares shall have been effectively registered under the
Securities Act or when such Warrant Shares shall have become eligible for sale
pursuant to Rule 415 of the Securities Act. The holder's right to request
registration of Warrant Shares under this Article II shall be transferable in
connection with any disposition of such shares to a permitted transferee of at
least 5,000 of such Warrant Shares upon the agreement of such transferee to be
bound by the terms hereof; provided, however, if

                                      -7-
<PAGE>

at any time The P. L. Thomas Group, Inc., shall hold less than 5,000 Warrant
Shares as a result of having transferred Warrant Shares together with
registration rights hereunder, its registration rights with respect to the
Warrant Shares it still holds shall terminate. For purposes of this Warrant
Certificate, shares of Common Stock shall cease to be Warrant Shares when such
shares have been sold pursuant to an effective registration statement under the
Securities Act or pursuant to an effective registration statement under the
Securities Act or pursuant to an exemption from registration thereunder or when
such Warrant Shares shall have become eligible for sale pursuant to Rule 415 of
the Securities Act.

                                  ARTICLE III

     Section 3.1. The issue of any stock or other certificate upon the exercise
of the Warrants shall be made without charge to the registered holder hereof for
any transfer or issuance tax in respect of the issue thereof. The Corporation
shall not, however, be required to pay any tax which may be payable in respect
of any transfer involved in the issue and delivery of any certificate in a name
other than that of the registered holder of this Warrant Certificate, and the
Corporation shall not required to issue or deliver any such certificate unless
and until the person or persons requesting the issue thereof shall have paid to
the Corporation the amount of such tax or shall have established to the
satisfaction of the Corporation that such tax has been paid.

     Section 3.2. If this Warrant Certificate shall be lost, stolen, mutilated
or destroyed, the Corporation shall, on such terms as to indemnify or otherwise
protect the Corporation as the Corporation may in its discretion impose, issue a
new warrant certificate of like denomination, tenor and date as the Warrant
Certificate so lost, stolen, mutilated or destroyed. Any such new warrant
certificate shall constitute an original contractual obligation of the
Corporation, whether or not the allegedly lost, stolen, mutilated or destroyed
Warrant Certificate shall be at any time enforceable by anyone.

     Section 3.3.   The Corporation may deem and treat the registered holder of
this Warrant Certificate as the absolute owner of this Warrant Certificate for
all purposes and shall not be affected by any notice to the contrary. This
Warrant Certificate and all rights hereunder are transferable on the books of
the Corporation, upon surrender of this Warrant Certificate, with the form of
assignment attached hereto duly executed by the registered holder hereof or by
his attorney duly authorized in writing, to the Corporation at its principal

                                      -8-
<PAGE>

executive offices and thereupon there shall be issued in the name of the
transferee or transferees, in exchange for this Warrant Certificate, a new
warrant certificate or warrant certificates of like tenor and date, representing
in the aggregate the right to subscribe for and purchase the number of shares
which may be subscribed for and purchased hereunder; provided that the
Corporation shall not be obligated to record or give effect to any transfer of
Warrants, unless the holder shall furnish evidence reasonably satisfactory to
the Corporation that the proposed transfer does not violate any applicable
securities law or regulation. References in this Certificate to a "holder" shall
include any transferee or transferees to whom the Warrants may be transferred
pursuant to the foregoing. Notwithstanding the foregoing, this Warrant
Certificate and the rights represented hereby may not be sold, conveyed, pledged
or otherwise transferred without the prior written consent of the Corporation.

          Section 3.4.  Except as otherwise provided herein, this Warrant
Certificate shall not entitle the holder to any rights of a stockholder of the
Corporation either at law or in equity, including, without limitation, the right
to vote, to receive dividends and other distributions, to exercise any
preemptive rights or to receive any notice of meetings of stockholders or of any
other proceedings of the Corporation.

          Section 3.5.  Upon the exercise or permitted transfer of any Warrants
hereunder, if the holder has Warrants with different Applicable Exercise Prices,
he shall designate the Applicable Exercise Price with respect to the Warrants
exercised or transferred. Such designation shall be recorded by the Corporation
in its books and records and shall be specifically identified with such
Warrants.

          Section 3.6.  This Warrant Certificate shall, in all events, remain
outstanding and fully exercisable until it is exercised in its entirety or
terminates in accordance with the terms hereof.

          Section 3.7. In the event that one or more of the provisions of this
Warrant Certificates shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provison of this Warrant Certificate, but this
Warrant Certificate shall be construed as if such invalid, illegal or
unenforceable provision had never been contained herein.

          Section 3.8.  This Warrant Certificate shall be governed by and
construed in accordance with the laws of the

                                      -9-
<PAGE>

State of New York applicable to agreements made and to be entirely performed
within such State.

          Dated: As of 4/30, 1997.
                       ----

                                            Sheffield Pharmaceuticals, Inc.

                                            By /s/ Loren G. Peterson
                                               ----------------------------
                                               Chief Financial Officer

                                     -10-
<PAGE>

                               FORM OF EXERCISE
                               ----------------
               (to be executed by the registered holder hereof)

          The undersigned hereby exercises the right to purchase ___________
shares of common stock ("Common Stock") of Sheffield Pharmaceuticals, Inc.,
evidenced by the within Warrant Certificate for an Applicable Exercise Price of
$___________ per share and herewith makes payment of the purchase price in full
of $____________.  Kindly issue certificates for shares of Common Stock (and for
the unexercised balance of the Warrants evidenced by the within Warrant
Certificate, if any) in accordance with the instructions given below.

Dated: ________________, 19_____.

                                                 _______________________________

Instructions for registration of stock

______________________________________
         Name (Please Print)

Social Security or other identifying Number: _____________________

Address: _______________________________________
                City/State and Zip Code

          Instructions for registration of certificate representing
                 the unexercised balance of Warrants (if any)

______________________________________
         Name (Please Print)

Social Security or other identifying Number: _____________________

Address: _______________________________________
                City, State and Zip Code

                                     -11-

<PAGE>

                        TRANSFER OF WARRANT CERTIFICATE
                        -------------------------------

          For value received ___________________________________________________
hereby sells, assigns and transfers unto _______________________________________
the rights to purchase ____________________ shares of common stock of Sheffield
Pharmaceuticals, Inc. (the "Corporation"), at an Applicable Exercise Price of
$_________ per share, which rights are represented by the within Warrant
Certificate, and does hereby irrevocably constitute and appoint ________________
attorney to transfer said rights on the books of the within named Corporation,
with full power of substitution in the premises.  The undersigned acknowledges
that such sale, assignment and transfer is subject to the written approval of
the Corporation in accordance with the terms of the Warrant Certificate.

                                             ___________________________________

DATED:

In the Presence of ____________________________

Social Security and other Identifying
Number of Assignee: _________________

Address of Assignee:

_____________________________________
     City, State and Zip Code

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