Document:

sec document

                                                                     Exhibit 4.5

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY
NOT BE SOLD,  TRANSFERRED,  ASSIGNED,  PLEDGED OR HYPOTHECATED  UNLESS AND UNTIL
REGISTERED UNDER SUCH ACT AND/OR APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE
CORPORATION  HAS  RECEIVED AN OPINION OF COUNSEL OR OTHER  EVIDENCE,  REASONABLY
SATISFACTORY TO THE CORPORATION AND ITS COUNSEL,  THAT SUCH  REGISTRATION IS NOT
REQUIRED.

                               CEPTOR CORPORATION

                           CONVERTIBLE PROMISSORY NOTE
                                (non-negotiable)

                                                           Hunt Valley, Maryland
$____.__                                                        __________, 2004

     FOR  VALUE  RECEIVED  Ceptor   Corporation,   a  Florida  corporation  (the
"COMPANY"),  promises to pay to  _____________________  (the  "HOLDER"),  at the
office of the Holder,  the principal amount of two hundred eighty eight thousand
six  hundred  eighty two  dollars and  19/100ths  ($288,682.19),  or such lesser
amount as shall equal the  outstanding  principal  amount hereof,  together with
simple interest from the date of this Note on the unpaid principal  balance at a
rate equal to eight (8%) percent per annum,  computed on the basis of the actual
number of days elapsed and a year of 365 days.  All unpaid  principal,  together
with  any then  accrued  but  unpaid  interest  and any  other  amounts  payable
hereunder, shall be due and payable on December 8, 2005 (the "Maturity Date").

     The  following  is a statement of the rights of the Holder of this Note and
the  conditions to which this Note is subject,  and to which the Holder,  by the
acceptance of this Note, agrees:

     1. Certain Definitions.

          (a)  "CONVERSION  SECURITIES"  means the shares of common  stock,  par
value $0.0001 per share (the "Common Stock"), of the Company,  with such rights,
preferences, privileges and restrictions,  contractual or otherwise, as shall be
set forth in the Certificate of Incorporation and bylaws of the Company.

          (b) "CONVERSION PRICE" means $1.25 per share.

          (c) "DEFAULT" means:

               i) the Company  shall  default in the payment of interest  and/or
          principal on this Note  (subject to the right of the Holder to convert

          all of the presently due and  outstanding  principal  and/or  interest
          owing under this Note into Conversion  Securities upon which this Note
          shall not be deemed in Default)  and such default  shall  continue for
          ten (10) business days after the due date thereof; or

               ii) any of the  representations or warranties made by the Company
          herein  or  in  any  certificate  or  financial  or  other  statements
          heretofore  or  hereafter  furnished by or on behalf of the Company to
          Holder in  connection  with the execution and delivery of this Note or
          such other  documents  shall be false or  misleading  in any  material
          respect at the time made; or

               iii) the Company shall fail to materially  perform or observe any
          covenant or agreement  in the Note  Purchase  Agreement,  or any other
          covenant, term, provision,  condition,  agreement or obligation of the
          Company under this Note and such failure shall continue  uncured for a
          period of ten (10)  business days after notice from the Holder of such
          failure; or

               iv) the Company shall (1) become insolvent;  (2) admit in writing
          its inability to pay its debts  generally as they mature;  (3) make an
          assignment  for the benefit of creditors or commence  proceedings  for
          its  dissolution;  or (4) apply for or consent to the appointment of a
          trustee,  liquidator or receiver for it or for a  substantial  part of
          its property or business; or

               v) a trustee,  liquidator or receiver  shall be appointed for the
          Company or for a substantial  part of its property or business without
          its consent and shall not be discharged  within thirty (30) days after
          such appointment; or

               vi)  any   governmental   agency  or  any   court  of   competent
          jurisdiction at the insistence of any governmental agency shall assume
          custody  or  control  of the whole or any  substantial  portion of the
          properties or assets of the Company and shall not be dismissed  within
          thirty (30) days thereafter; or

               vii)  the  Company  shall  sell  or  otherwise  transfer  all  or
          substantially all of its assets; or

               viii)  bankruptcy,  reorganization,   insolvency  or  liquidation
          proceedings or other  proceedings,  or relief under any bankruptcy law
          or any law for the  relief of debt shall be  instituted  by or against
          the Company  and,  if  instituted  against  the  Company  shall not be
          dismissed  within  thirty  (30) days  after such  institution,  or the
          Company  shall by any  action or answer  approve  of,  consent  to, or
          acquiesce in any such proceedings or admit to any material allegations
          of, or default in answering a petition  filed in any such  proceeding;
          or

               ix) the Company  shall be in default of any of its  indebtedness,
          including  but not  limited to its senior  lending  facility,  and the
          holders thereof shall have accelerated such indebtedness; or

                                      -2-

               x)  the  Company  shall  be in  material  default  of  any of its
          indebtedness  that gives the holder  thereof  the right to  accelerate
          such indebtedness.

     2. Prepayment.  The Company may prepay this Note after the weighted average
daily  trading  price per share of Common Stock  equals or exceeds  $5.00 for 10
consecutive trading days, in whole or in part, provided any such prepayment will
be applied  first to the  payment  of  expenses  due under this Note,  second to
interest accrued on this Note and third, if the amount of prepayment exceeds the
amount of all such expenses and accrued interest, to the payment of principal of
this Note.  Holder  shall be entitled to exercise  conversion  rights under this
Note during a period of thirty  (30) days  following  receipt of the  prepayment
notice from the Company.

     3.  Conversion  at the Option of the Holder.  The Holder of this Note shall
have the following conversion rights:

          (a)  HOLDER'S  RIGHT TO CONVERT.  This Note shall be  convertible,  in
whole or in part,  at any time  following  delivery of notice to the Company (at
the address and in the manner set forth in the Note Purchase  Agreement pursuant
to which this Note is attached) of the election of the Holder hereof, to convert
the outstanding  principal amount, plus interest into fully paid, validly issued
and nonassessable shares of the Conversion Securities. If this Note is converted
in part,  the  remaining  portion  of this Note not so  converted  shall  remain
entitled to the conversion rights provided herein.

          (b) CONVERSION  PRICE FOR HOLDER  CONVERTED  SHARES.  The  Outstanding
Principal  Amount of this Note and interest  that is converted  into  Conversion
Securities at the option of the Holder shall be  convertible  at the  Conversion
Price.

          (c) MECHANICS OF  CONVERSION.  In order to convert this Note (in whole
or in part) into full Conversion  Securities,  the Holder (i) shall give written
notice in the form of EXHIBIT A hereto (the "Conversion Notice") by facsimile to
the  Company at such  office  that the Holder  elects to convert  the  principal
amount  (plus  accrued  but unpaid  interest  and  default  payments)  specified
therein,  which such notice and election shall be revocable by the Holder at any
time prior to its receipt of the Conversion Securities upon conversion, and (ii)
as soon as  practicable  after such  notice,  shall  surrender  this Note,  duly
endorsed,  by either overnight courier or 2-day courier, to the principal office
of the Company;  PROVIDED,  HOWEVER,  that the Company shall not be obligated to
issue certificates  evidencing the shares of the Conversion  Securities issuable
upon such conversion  unless either the Note evidencing the principal  amount is
delivered to the Company as provided  above,  or the Holder notifies the Company
that such Note(s) have been lost,  stolen or destroyed and promptly  executes an
agreement  reasonably  satisfactory to the Company to indemnify the Company from
any loss incurred by it in connection with such lost, stolen or destroyed Notes.
If a Holder is converting  less than the maximum number of shares it may convert
under its Note, the Company shall,  upon notice received from Holder and Company
of such facts with  documentary  copies of all  notices,  Conversion  Securities
issued,  and  cancelled  notes,  shall  reissue  the Note  with the  appropriate
remaining  principal amount as soon as practicable  after the Company shall have
received  the  Holder's  surrendered  Note and  copies of all  documents  to its
satisfaction.

                                      -3-

     The Company shall issue and deliver within one business day of the delivery
to the  Company  of such  Conversion  Notice,  to such  Holder of Note(s) at the
address of the Holder, or to its designee, a certificate or certificates for the
number of shares of Conversion  Securities to which the Holder shall be entitled
as aforesaid, together with a calculation of the Conversion Price and a Note for
the  principal  amount  not  submitted  for  conversion.  The date on which  the
Conversion Notice is given (the "Holder  Conversion Date") shall be deemed to be
the date the Company received by facsimile the Conversion Notice, and the person
or persons  entitled to receive the  Conversion  Securities  issuable  upon such
conversion  shall be treated for all purposes as the record holder or holders of
such shares of Conversion Securities on such date.

     In lieu of delivering  physical  certificates  representing  the Conversion
Securities  issuable upon conversion of Notes,  provided the Company's  transfer
agent is  participating  in the Depository  Trust Company ("DTC") Fast Automated
Securities  Transfer ("FAST") program,  upon request of the Holder,  the Company
shall  use its  best  efforts  to cause  its  transfer  agent to  electronically
transmit the Conversion  Securities  issuable upon conversion or exercise to the
Holder,  by crediting the account of Holder's  prime broker with DTC through its
Deposit  Withdrawal  Agent  Commission  ("DWAC")  system.  The time  periods for
delivery described above shall apply to the electronic  transmittals through the
DWAC  system.  The  parties  agree to  coordinate  with DTC to  accomplish  this
objective.  The conversions  shall be deemed to have been made immediately prior
to the close of business on the Holder  Conversion  Date.  The person or persons
entitled to receive the  Conversion  Securities  issuable  upon such  conversion
shall be  treated  for all  purposes  as the  record  holder or  holders of such
Conversion Securities at the close of business on the Holder Conversion Date.

          (d)  LIMITATIONS ON RIGHT TO CONVERT.  In no event shall the Holder be
permitted to convert this Note in excess of that amount upon the  Conversion  of
which  the  number  of  Conversion  Securities  to be  issued  pursuant  to such
Conversion,  when added to the number of shares of Conversion  Securities issued
pursuant to all prior Conversions of the Note, would exceed 19.99% of the number
of shares of Company  Common Stock  outstanding  on the Closing Date (subject to
equitable adjustment from time to time for the events described below) (the "CAP
AMOUNT"),  except  that such  limitation  shall not apply in the event  that the
Company  obtains the  approval  of the holders of a majority of its  outstanding
common stock ("STOCKHOLDER  APPROVAL") for the issuance of Conversion Securities
in excess of the Cap Amount.

In the event that  Stockholder  Approval  shall be required  for the issuance of
Conversion  Shares in excess of the Cap Amount,  the Company may elect to prepay
this Note in full after which the Company shall not have any further  obligation
with respect thereto.  In the event the Company does not repay this Note in full
within two (2)  business  days of receipt of a Conversion  Notice that  requires
Stockholder  Approval,  the Company  shall use its  reasonable  best  efforts to
effect Stockholder  Approval of the Conversion within sixty (60) days of receipt
of such Conversion  Notice.  The Company may at any time prior to the receipt of
Stockholder  Approval,  repay all of the  outstanding  principal and or interest
under the Note or such amount as will then result in a Conversion  below the Cap
Amount,  instead of obtaining a required Stockholder Approval of the Conversion.
In the event the Stockholder Approval has not been obtained within the timeframe
set forth and the Company has not repaid the Note,  the Note Holders  shall have

                                      -4-

the  option  at  any  time  to  force  the  Company's  repayment  of  all of the
outstanding  principal  and/or interest under the Note at a sum equal to 100% of
the outstanding principal and/or interest balance then due.

     In the event Holder has given a Conversion Notice, such put into Conversion
Securities,  or conversion  right,  shall be available to Holder for a period of
thirty (30) days following the date of the  Conversion  Notice  following  which
thirty  (30) day  period  no  further  conversion  of the Note  into  Conversion
Securities shall be permitted.

          (e) Fractional Shares; Interest; Nonassessable;  Effect of Conversion.
Any fractional shares to be issued upon conversion of this Note shall be rounded
to the nearest whole share. The Company  covenants that the shares of Conversion
Securities  issuable upon the conversion of this Note will,  upon  conversion of
this Note, be validly  issued,  fully paid and  nonassessable  and free from all
taxes,  liens and charges in respect of the issue  thereof.  Upon  conversion of
this Note in full and the payment of the amounts  specified  in this  Section 3,
the Company shall be forever released from all obligations and liabilities under
this Note,  although the obligations under the Note Purchase  Agreement of which
this Note is a part, shall survive.

     4. Miscellaneous.

          (a) Loss,  Theft,  Destruction or Mutilation of Note.  Upon receipt of
evidence reasonably satisfactory to the Company of the loss, theft,  destruction
or  mutilation  of this Note  and,  in the case of loss,  theft or  destruction,
delivery of an indemnity agreement reasonably satisfactory in form and substance
to the Company or, in the case of mutilation,  on surrender and  cancellation of
this Note,  the Company shall  execute and deliver,  in lieu of this Note, a new
Note executed in the same manner as this Note, in the same  principal  amount as
the unpaid  principal  amount of this Note and dated the date to which  interest
shall  have been paid on this Note or,  if no  interest  shall  have yet been so
paid, dated the date of this Note.

          (b)  Payment.  All  payments  under  this Note shall be made in lawful
tender of the United States.

          (c) Waivers. The Company hereby waives notice of default,  presentment
or demand for payment, protest or notice of nonpayment or dishonor and all other
notices or demands relative to this instrument.

          (d) Usury.  In the event that any interest paid on this Note is deemed
to be in  excess of the then  legal  maximum  rate,  then  that  portion  of the
interest payment representing an amount in excess of the then legal maximum rate
shall be deemed a payment of principal and applied against the principal of this
Note.

          (e) Waiver and  Amendment.  Any provision of this Note may be amended,
waived or modified only by an instrument in writing  signed by the party against
which enforcement of the same is sought.

          (f) Notices.  Any notice,  request or other communication  required or
permitted  hereunder  shall  be  given in  accordance  with  the  Note  Purchase
Agreement.

                                      -5-

          (g) Expenses; Attorneys' Fees. If action is instituted to collect this
Note, the Company promises to pay all reasonable costs and expenses,  including,
without limitation, reasonable attorneys' fees and costs, incurred in connection
with such action.

          (h) Successors  and Assigns.  This Note may be assigned or transferred
by the Holder only with the prior  written  approval of the Company.  Subject to
the preceding sentence, the rights and obligations of the Company and the Holder
of this Note shall be binding upon and benefit the successors,  assigns,  heirs,
administrators  and  transferees  of the parties.  The Company shall  maintain a
registry, in accordance with U.S. Treasury Regulation Section 5f.103-1(c)(1) and
(2),  evidencing  its  obligation  to pay  principal  and interest to the Holder
pursuant to this Note. Such registry shall represent the record of ownership and
right to receive principal and interest pursuant to this Note. A transfer of the
right to receive  principal and interest  under this Note shall be  transferable
only through an appropriate entry in the registry.

          (i) Governing  Law. THIS NOTE SHALL BE GOVERNED IN ALL RESPECTS BY THE
LAWS OF THE STATE OF  DELAWARE AS SUCH LAWS ARE  APPLIED TO  AGREEMENTS  BETWEEN
DELAWARE RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN DELAWARE.

                                      -6-

     IN WITNESS WHEREOF,  the Company has caused this Note to be executed by its
officers thereunto duly authorized.

                                     CEPTOR CORPORATION

                                     By:
                                        ------------------------------------
                                     Name:  William Pursley
                                     Title: Chief Executive Officer

                                      -7-

                                                                       EXHIBIT A

                              NOTICE OF CONVERSION

(To Be Executed by the Registered Holder in Order to Convert the Note)

     The Undersigned hereby irrevocably elects to convert  $_____________ of the
Ten Percent (10%) Convertible  Promissory Note due December 8, 2005, into shares
of CepTor  Corporation  according to the terms and  conditions set forth in such
Note, as of the date written  below.  If securities are to be issued to a person
other  than  the  Undersigned,  the  Undersigned  agrees  to pay all  applicable
transfer taxes with respect thereto.  Capitalized terms set forth in this Notice
shall have the meanings set forth in the Note.

     The  Undersigned  represents and warrants that all transfers,  assignments,
dividends, or distributions, and any and all offers and sales by the Undersigned
of the Conversion  Securities shall be made pursuant to registration of the same
under the Securities Act of 1933, or pursuant to an exemption from  registration
under  the  Securities  Act of  1933.  The  Undersigned  acknowledges  that  the
Conversion  Securities shall if (and only if) required by law contain the legend
contained on page 1 of the Note.

Conversion Date:* _____________________

Applicable Conversion Price: ________________________________

Holder (Print True Legal Name): _____________________________

_______________________________________

(Signature of Duly Authorized Representative of Holder)

Address of Holder: ________________________________________

_______________________________________

_______________________________________

* This original Notice of Conversion  must be received by CepTor  Corporation by
the second business day following the Conversion Date.

                                      -8-sec document

                                                                    Exhibit 4.6

                             SUBSCRIPTION DOCUMENTS

                               CEPTOR CORPORATION

                             SUBSCRIPTION DOCUMENTS

                                  INSTRUCTIONS

     The  following   documents  must  be  completed  in  accordance   with  the
instructions set forth below and must be executed in order to determine  whether
you are an accredited investor and, if accredited, in order to subscribe for the
purchase of units ("Units"), each unit consisting of (i) one (1) share of Series
A Preferred  Stock (the  "Series A  Preferred  Stock"),  and (ii) a  detachable,
transferable  three-year  warrant (the  "Warrant") to purchase  shares of Common
Stock of CepTor Corporation,  which will merge with a subsidiary of a Securities
and Exchange Commission ("SEC") reporting and registered publicly-traded company
which is or is expected to be qualified to be quoted on the OTC Bulletin board.

PLEASE PRINT THE ANSWERS TO ALL QUESTIONS.

     1.   ENCLOSED ARE THE FOLLOWING DOCUMENTS:

          (a)  SUBSCRIPTION  AGREEMENT.  Be sure to carefully and fully read the
Subscription  Agreement,  and execute the signature  page which is applicable to
you.  On the  appropriate  signature  page of the  Subscription  Agreement,  the
Subscriber must sign, print his, her or its name, address and social security or
tax  identification  number  where  indicated,  and indicate the number of Units
subscribed  for,  the date of  execution  and the  manner in which  title to the
Series A Preferred Stock and Warrants will be held.

          (b) INVESTOR  QUESTIONNAIRE.  Be sure to carefully  and fully read the
Investor  Questionnaire,  which can be found  after the  signature  pages to the
Subscription Agreement. On the signature page of the Investor Questionnaire, the
Subscriber must sign and print his, her or its name where indicated.

     A  PROSPECTIVE  SUBSCRIBER  MUST BE SURE TO  CAREFULLY  AND FULLY  READ THE
ACCOMPANYING  CONFIDENTIAL  PRIVATE PLACEMENT  MEMORANDUM PRIOR TO RETURNING THE
SIGNED SUBSCRIPTION DOCUMENTS.

     2.   PAYMENT.

     Payment of the  purchase  price may be made by certified or bank check made
payable  to  "Corporate  Stock  Transfer,  Inc.,  as  Escrow  Agent  for  CepTor
Corporation,"   or  by   wire   transfer   of   immediately   available   funds,
contemporaneously with the execution and delivery of the Subscription Agreement,
to Guaranty Bank &  Trust, as escrow bank for the Escrow Agent, as follows:

                                      i

                  WIRE TRANSFER INSTRUCTIONS FOR ESCROW ACCOUNT

                              Guaranty Bank &  Trust
                                Denver, Colorado
                                ABA# 102 000 966
                                 A/C# 312 464 33
                          FBO Corporate Stock Transfer
                      FFC CepTor Corporation-Escrow Account

     3.   RETURN OF DOCUMENTS.

     Copies of the signed  Subscription  Agreement  and  Investor  Questionnaire
should be delivered to: Brookshire  Securities  Corporation,  at 4 West Las Olas
Boulevard,  8th Floor, Ft. Lauderdale,  FL 33301, Attention: Mr. Peter S. Chung.
If you  should  have any  questions,  please  contact  Mr.  Chung at tel:  (954)
714-9008 or fax: (954)  714-9131,  or Mr. Don Fallon or Mr.  William  Pursley of
CepTor Corporation, at tel: (410) 527-9998 or fax: (410) 527-9867.

                         *              *               *

                                       ii

NAME OF SUBSCRIBER:_____________________________

To: Brookshire Securities Corporation
    4 West Las Olas Boulevard
    8th Floor
    Ft. Lauderdale, FL 33301

                             SUBSCRIPTION AGREEMENT

     This Subscription Agreement (this "Agreement") is being delivered to you in
connection with your investment in a publicly-traded company (the "Company") and
the  anticipated  merger (the  "Merger")  of a  wholly-owned  subsidiary  of the
Company, with and into CepTor Corporation ("CepTor").  Your obligation to invest
in the Company shall be subject to, among other things,  (a) the notification to
you of the  identity of the Company  and (b) your  receipt of the draft  Current
Report on Form 8-K in accordance with Section 2.1 below.  Brookshire  Securities
Corporation  is  acting  as the  Placement  Agent  (the  "Placement  Agent")  in
conducting a private  placement (the "Private  Placement")  of units  ("Units"),
each Unit  consisting of (i) one (1) share of the  Company's  Series A Preferred
Stock ("Series A Preferred Stock"), and (ii) a detachable, three-year warrant to
purchase  5,000  shares of Common  Stock of the Company at an exercise  price of
$2.50 per share of Common Stock  ("Warrant").  The purchase price is $25,000 per
Unit. All funds received in the Private  Placement  shall be held in escrow in a
special  non-interest  bearing  account by Guaranty Bank &  Trust, as escrow bank
for Corporate Stock Transfer, Inc. (the "Escrow Agent") and, upon fulfillment of
the other conditions  precedent set forth herein,  shall be released from escrow
and  delivered  to the Company at which time the  securities  subscribed  for as
further described below shall be delivered to you.

1.   SUBSCRIPTION AND PURCHASE PRICE

     1.1  SUBSCRIPTION. Subject to the conditions set forth in Section 2 hereof,
the undersigned hereby subscribes for and agrees to purchase the number of Units
indicated on page C-11 hereof on the terms and conditions  described herein. The
minimum  number of Units that may be purchased  is two (2) Units.  Subscriptions
for lesser  amounts  may be accepted  at the  discretion  of the Company and the
Placement Agent.

     1.2  PURCHASE OF SECURITIES.  The undersigned  understands and acknowledges
that the purchase  price to be remitted to the  Placement  Agent in exchange for
the  Unit(s)  shall be $25,000  per Unit,  for an  aggregate  purchase  price of
$25,000  multiplied  by the  number  of Units  subscribed  for  (the  "Aggregate
Purchase  Price").  Payment for the Units subscribed for hereunder shall be made
by the  undersigned,  by certified or bank check made payable to Corporate Stock
Transfer,  Inc., as Escrow Agent for CepTor,  or by wire transfer of immediately
available  funds,  contemporaneously  with the  execution  and  delivery of this
Agreement to the Placement  Agent,  to Guaranty Bank &  Trust, as escrow bank for
the Escrow Agent, as follows:

                                       1

                  WIRE TRANSFER INSTRUCTIONS FOR ESCROW ACCOUNT

                              Guaranty Bank &  Trust
                                Denver, Colorado
                                ABA # 102 000 966
                                 A/C# 312 464 33
                          FBO Corporate Stock Transfer
                      FFC CepTor Corporation-Escrow Account

2.   ACCEPTANCE AND CLOSING PROCEDURES

     2.1  ACCEPTANCE OR REJECTION.

          (a) The undersigned and the Placement Agent  understand and agree that
this subscription  shall be revocable by the undersigned up until three (3) days
after a Draft Form 8-K (as defined in Section  5.1 hereof) is prepared  and sent
to the  undersigned  (at the  address  set forth on the  signature  page of this
Agreement) in accordance  with the terms and  conditions  set forth in Section 4
hereof (the "Revocation Period").  Provided that the undersigned shall not have,
within the Revocation Period, delivered a written notice via facsimile to Olshan
Grundman Frome  Rosenzweig &  Wolosky LLP, counsel to CepTor (to the attention of
Harvey Kesner) at (212)  451-2222,  electing to withdraw his  subscription,  the
obligation of the  undersigned  to purchase the Units shall become  irrevocable,
and the undersigned  shall be legally bound to purchase the Units subject to the
terms set forth in this Agreement.

          (b) The  undersigned  understands  and agrees that the Company and the
Placement Agent reserve the right to reject this  subscription  for the Units in
whole or part in any order at any time prior to the Initial  Closing (as defined
below)  if, in their  reasonable  judgment,  they  deem such  action in the best
interest of the Company,  notwithstanding  the  undersigned's  prior  receipt of
notice of acceptance of the undersigned's subscription.

          (c) In the  event  of  the  revocation  of  this  subscription  by the
undersigned in accordance with Section 2.1(a), rejection by the Company, CepTor,
or the Placement  Agent in accordance  with Section  2.1(b),  or the sale of the
Units is not consummated by the Placement  Agent for any reason,  this Agreement
and any other  agreement  entered into between the undersigned and the Placement
Agent relating to this  subscription  shall  thereafter have no force or effect,
and the  Placement  Agent shall  promptly  return or cause to be returned to the
undersigned  the purchase price remitted to the Escrow Agent,  without  interest
thereon or deduction therefrom.

                                       2

     2.2  CLOSINGS.

          The  closing of the  purchase  and sale of the Units  (the  "Closing")
shall take place at the offices of Olshan  Grundman  Frome  Rosenzweig &  Wolosky
LLP,  counsel to CepTor,  at 65 East 55th Street,  Park avenue Tower, 2nd Floor,
New York,  New York 10022,  or such other place as  determined  by the Placement
Agent,  on the first (1st)  Business Day  immediately  following the  Revocation
Period (the "Closing Date"),  or such other date as is mutually agreed to by the
parties and the  undersigned.  "Business  Day" shall mean from the hours of 9:00
a.m. (E.S.T.) through 5:00 p.m. (E.S.T.) of a day other than a Saturday,  Sunday
or other  day on which  commercial  banks in New  York  City are  authorized  or
required to be closed.

     2.3  TERMINATION.

          The  subscription  period for the Private  Placement will terminate on
November 30, 2004,  unless  extended by the Company and the Placement  Agent, in
their sole discretion,  for up to one hundred eighty (180) days,  without notice
to the undersigned (the "Termination Date"). The Company and the Placement Agent
may  terminate  the  Private  Placement  at any time and  without  notice to the
undersigned.  If 100  Units  have  not  been  subscribed  for on or  before  the
Termination  Date (as such may be  extended),  or if the  Private  Placement  is
otherwise  terminated  or  withdrawn,  then the Escrow Agent will return to each
Subscriber his, her or its  subscription  amount,  without interest or deduction
therefrom.

3.   INVESTOR'S REPRESENTATIONS AND WARRANTIES

          The undersigned  hereby  acknowledges,  agrees with and represents and
warrants to the Placement Agent and its affiliates, as follows:

          (a) The  undersigned  has full power and  authority to enter into this
Agreement,  the  execution  and delivery of which has been duly  authorized,  if
applicable,   and  this  Agreement  constitutes  a  valid  and  legally  binding
obligation of the undersigned.

          (b) The undersigned  acknowledges his understanding  that the offering
and sale of the Units is  intended  to be  exempt  from  registration  under the
Securities Act of 1933, as amended (the "Securities  Act"), by virtue of Section
4(2) of the  Securities  Act and the  provisions  of  Regulation  D  promulgated
thereunder  ("Regulation D"). In furtherance thereof, the undersigned represents
and warrants to the Placement Agent and its affiliates as follows:

               (i) The  undersigned  realizes  that the basis for the  exemption
          from  registration  may  not  be  available  if,  notwithstanding  the
          undersigned's  representations  contained  herein,  the undersigned is
          merely  acquiring the Units for a fixed or determinable  period in the
          future, or for a market rise, or for sale if the market does not rise.
          The undersigned does not have any such intention.

               (ii) The  undersigned  is  acquiring  the Unit(s)  solely for the
          undersigned's own beneficial account, for investment purposes, and not
          with view to, or resale in connection  with, any  distribution  of the

                                       3

          shares of Common Stock,  including such shares into which the Warrants
          are exercised, underlying such Unit(s).

               (iii)  The  undersigned  has the  financial  ability  to bear the
          economic risk of his investment,  has adequate means for providing for
          his current  needs and  contingencies,  and has no need for  liquidity
          with respect to his investment in the Company;

               (iv)   _______________________    [insert   name   of   Purchaser
          Representative:  IF NONE,  SO STATE]  has  acted as the  undersigned's
          Purchaser   Representative  for  purposes  of  the  private  placement
          exemption under the Securities Act. If the undersigned has appointed a
          Purchaser  Representative  (which  term is used  herein  with the same
          meaning as given in Rule 501(h) of Regulation D), the  undersigned has
          been  advised  by his  Purchaser  Representative  as to the merits and
          risks of an investment in the Company in general,  and the suitability
          of an investment in the Units for the undersigned in particular; and

               (v)   The    undersigned    (together    with    his    Purchaser
          Representative(s),  if any)  has  such  knowledge  and  experience  in
          financial  and  business  matters as to be capable of  evaluating  the
          merits and risks of the prospective  investment in the Units. If other
          than an individual,  the  undersigned  also represents it has not been
          organized for the purpose of acquiring the Units.

          (c) The information in the Accredited Investor Questionnaire completed
and executed by the undersigned (the "Investor  Questionnaire")  is accurate and
true in all respects,  and the undersigned is an "accredited  investor," as that
term is defined in Rule 501(a) of Regulation D.

          (d) The  undersigned  (and his Purchaser  Representative,  if any) has
been furnished with a copy of the  Confidential  Private  Placement  Memorandum,
dated October 22, 2004, together with all annexes thereto (as such documents may
be amended or supplemented, the "Memorandum"), relating to the private placement
by the Company of the Units.

          (e) The  undersigned  is not  relying  on the  Placement  Agent or its
affiliates with respect to economic  considerations involved in this investment.
The  undersigned  has relied on the advice  of, or has  consulted  with only the
person(s), if any, named as Purchaser  Representative(s)  herein. Each Purchaser
Representative,  if any,  is  capable of  evaluating  the merits and risks of an
investment  in the  Units  as such are  described  in the  Memorandum,  and each
Purchaser Representative, if any, has disclosed to the undersigned in writing (a
copy of which is annexed to this Agreement) the specific  details of any and all
past, present or future relationships,  actual or contemplated,  between himself
and the Placement Agent or any affiliate or subsidiary thereof.

          (f) The undersigned  represents,  warrants and agrees that he will not
sell or otherwise  transfer the shares of Preferred  Stock,  the Warrants or the
shares of Common Stock into which the  Preferred  Stock is  convertible  and the
Warrants  are  exercisable  (such  Common Stock  collectively,  the  "Conversion
Shares")  without   registration  under  the  Securities  Act  or  an  exemption

                                       4

therefrom,  and fully understands and agrees that he must bear the economic risk
of his purchase  because,  among other reasons,  neither the shares of Preferred
Stock,  the Warrants nor the Conversion  Shares have been  registered  under the
Securities Act or under the securities laws of any state and, therefore,  cannot
be  resold,  pledged,   assigned  or  otherwise  disposed  of  unless  they  are
subsequently  registered  under the  Securities  Act and  under  the  applicable
securities  laws of such  states,  or an  exemption  from such  registration  is
available. In particular,  the undersigned is aware that the shares of Preferred
Stock, Warrants and Conversion Shares are "restricted  securities," as such term
is defined in Rule 144  promulgated  under the Securities Act ("Rule 144"),  and
they may not be sold  pursuant to Rule 144 unless all of the  conditions of Rule
144 are met. The undersigned also understands that, except as otherwise provided
herein,  the Company is under no  obligation to register the shares of Preferred
Stock,  Warrants  or the  Conversion  Shares on his  behalf or to assist  him in
complying  with any exemption  from  registration  under the  Securities  Act or
applicable state securities laws. The undersigned  understands that any sales or
transfers of the shares of Preferred Stock,  Warrants and Conversion  Shares are
further  restricted  by  state  securities  laws  and  the  provisions  of  this
Agreement.

          (g) No representations or warranties have been made to the undersigned
by the  Company,  CepTor  or the  Placement  Agent,  or any of their  respective
officers,  employees,  agents,  affiliates  or  subsidiaries,   other  than  any
representations  of the Placement Agent contained  herein and in the Memorandum,
and  in  subscribing   for  Units  the  undersigned  is  not  relying  upon  any
representations other than any contained herein or in the Memorandum.

          (h) The undersigned  understands and acknowledges that his purchase of
the Units is a  speculative  investment  that involves a high degree of risk and
the potential loss of his entire investment.

          (i) The undersigned's  overall  commitment to investments that are not
readily marketable is not  disproportionate  to the undersigned's net worth, and
an  investment  in the Units will not cause such  overall  commitment  to become
excessive.

          (j) The undersigned  understands and agrees that the  certificates for
the  shares of  Preferred  Stock,  Warrants  and  Conversion  Shares  shall bear
substantially  the following  legend until (i) such  securities  shall have been
registered  under the Securities Act and  effectively  disposed of in accordance
with a registration  statement that has been declared effective,  or (ii) in the
opinion  of  counsel  for  the  Company  such  securities  may be  sold  without
registration  under the Securities  Act as well as any applicable  "blue sky" or
state securities laws:

          THE  SECURITIES   REPRESENTED  BY  THIS   CERTIFICATE  HAVE  NOT  BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES  ACT"),
OR ANY APPLICABLE  STATE SECURITIES LAWS. SUCH SECURITIES HAVE BEEN ACQUIRED FOR
INVESTMENT PURPOSES AND MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT  FILED BY THE  ISSUER  WITH THE  SECURITIES  AND  EXCHANGE  COMMISSION
COVERING  SUCH  SECURITIES  UNDER THE  SECURITIES  ACT OR AN  OPINION OF COUNSEL
SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.

                                       5

          (k) The foregoing  representations,  warranties,  and agreements shall
survive the Closing.

4.   THE COMPANY'S REPRESENTATIONS AND WARRANTIES

     The Company hereby acknowledges, agrees with and represents and warrants to
each of the undersigned, as follows:

          (a) The Company has the  corporate  power and authority to execute and
deliver this Agreement and to perform its obligations hereunder.  This Agreement
has been duly  authorized,  executed and  delivered by the Company and is valid,
binding and enforceable against the Company in accordance with its terms.

          (b) The  Series A  Preferred  Stock and  Warrants  to be issued to the
undersigned pursuant to this Agreement,  when issued and delivered in accordance
with the terms of this  Agreement,  will be duly and validly  issued and will be
fully paid and nonassessable.

          (c) The Conversion Shares to be issued to the undersigned  pursuant to
this Agreement, when issued and delivered in accordance with this Agreement, the
Warrant and the Certificate of Designation, Preferences and Rights pertaining to
the  Series  A  Preferred  Stock,  will,  upon  receipt  by the  Company  of the
applicable  cash  conversion or exercise price  therefor,  be validly issued and
fully paid and nonassessable.

          (d) Neither the  execution  and delivery nor the  performance  of this
Agreement  by the  Company  will  conflict  with the  Company's  Certificate  of
Incorporation,  as amended,  or  By-laws,  or result in a breach of any terms or
provisions of, or constitute a default under, any material  contract,  agreement
or instrument to which the Company is a party or by which the Companyis bound.

          (e) After  giving  effect  to the  transactions  contemplated  by this
Agreement  and  immediately  after  the  Closing,  the  Company  will  have  the
outstanding capital stock as described in the Memorandum.

          (f) The information contained in the Memorandum is true and correct in
all material respects as of its date.

5.   COVENANTS FOLLOWING THE CLOSING

     5.1  PREPARATION  AND  DELIVERY  OF  THE  DRAFT  FORM  8-K;  WITHDRAWAL  OF
SUBSCRIPTION.  At least  three  (3) days  prior  to the date of  closing  of the
Merger,  CepTor  shall  prepare and  deliver to the  undersigned  via  overnight
courier or facsimile, a draft copy of the Current Report on Form 8-K (the "Draft
Form 8-K")  proposed to be filed by the Company,  which shall describe the terms
and  conditions  of the  Merger,  in  accordance  with the  requirements  of the
Securities  Exchange  Act of 1934 and the  Accounting  and  Financial  Reporting
Interpretations  and  Guidance  issued by the  accounting  staff  members of the
Division of Corporate Finance of the Securities and Exchange Commission on March
31, 2001, as the same relates to "Reverse Acquisitions-Reporting Issues."

                                       6

     5.2  REGISTRATION RIGHTS

          (a) The Company has agreed to file a "resale"  registration  statement
with the SEC  covering  all  shares  of Common  Stock  underlying  the  Series A
Preferred  Stock and Warrants  issued in  connection  with this offering and the
Merger on or  before  the date  which is 60 days  after the  Closing  Date.  The
Company will maintain the effectiveness of the "resale"  registration  statement
from the  effective  date through and until 12 months after the Closing Date, at
which time exempt sales  pursuant to Rule 144 may be permitted for purchasers of
the Units.  The Company will use its best efforts to respond to any SEC comments
to the  "resale"  registration  statement  on or prior  to the date  which is 20
business  days from the date such  comments are  received,  but in any event not
later  than 30  business  days from the date such  comments  are  received.  The
Company has agreed to use its best  efforts to have such  "resale"  registration
statement  declared  effective by the SEC as soon as possible  after the initial
filing date.

          (b) If the Company fails to (i) file the  Registration  Statement with
the SEC on or prior to the date which is 120 days  after the  Closing  Date,  or
(ii)  respond to any SEC comments to the  Registration  Statement on or prior to
the date which is twenty (20)  Business  Days after the date such  comments  are
received,  but in any event not later than  thirty (30)  Business  Days from the
date such comments are received, then the Company shall be obligated to issue to
the undersigned  additional  shares of Common Stock computed as follows:  on the
first day that the Company  has failed to file,  or has failed to respond to SEC
comments concerning,  the Registration Statement, as the case may be (the "First
Determination Date"), the Company shall determine the number of shares of Common
Stock  entitled  to the  benefit  of the  registration  rights set forth in this
Section 5.2 that are held by the  undersigned  (the  "Subject  Shares").  Within
fifteen (15) days  following  the First  Determination  Date,  the Company shall
issue to the  undersigned  shares of  Common  Stock  equal to 2% of the  Subject
Shares (the "Penalty  Shares").  Penalty  Shares shall also be issuable upon the
expiration of each 30-day period following the First  Determination  Date during
which the  Company  has  continued  to fail to file or respond  to SEC  comments
concerning the Registration  Statement,  as the case may be (the expiration date
of each such 30-day period being a "Subsequent  Determination Date"). The number
of Penalty Shares issuable following each Subsequent Determination Date shall be
determined  and  issued  in  accordance  with  this  section  on the same  basis
applicable to the First  Determination  Date;  PROVIDED,  HOWEVER,  that Penalty
Shares  previously  issued  to  the  undersigned  shall  be  excluded  from  the
calculation of Subject Shares.  Notwithstanding the foregoing, the Company shall
not be obligated to issue to the undersigned in respect of the Penalty Shares an
aggregate  number  of shares of Common  Stock  greater  than 12% of the  Subject
Shares  held by the  undersigned  as of the first day of the last month in which
payments in respect of the Penalty Shares are required to be made.

          (c) The  Company  shall  notify  the  undersigned  at any time  when a
prospectus  relating  thereto is required to be delivered  under the  Securities
Act,  upon  discovery  that,  or upon the  happening of any event as a result of
which,  the  prospectus  included  in such  Registration  Statement,  as then in
effect,  includes an untrue  statement of a material  fact or omits to state any
material fact required to be stated  therein or necessary to make the statements
therein not  misleading  in light of the  circumstances  then  existing.  At the
request of the undersigned,  the Company shall also prepare, file and furnish to
the undersigned a reasonable number of copies of a supplement to or an amendment
of such  prospectus as may be necessary so that, as thereafter  delivered to the

                                       7

purchasers of such shares, such prospectus shall not include an untrue statement
of a  material  fact or omit to state a  material  fact  required  to be  stated
therein or necessary to make the  statements  therein not misleading in light of
the circumstances then existing. The undersigned agrees not to offer or sell any
shares covered by the Registration  Statement after receipt of such notification
until the receipt of such supplement or amendment.

          (d) The Company may  request  the  undersigned  to furnish the Company
such information with respect to the undersigned and the undersigned's  proposed
distribution of shares of Common Stock pursuant to the Registration Statement as
the Company may from time to time  reasonably  request in writing or as shall be
required  by law or by the SEC in  connection  therewith,  and  the  undersigned
agrees to furnish the Company with such information.

6.   USE OF PROCEEDS

     The Company  intends to use the  available net proceeds of this offering of
the Units to continue the pre-clinical development of its technologies,  compile
and draft an IND for Myodur and initiate  Phase I/II human clinical  trials,  if
approved by the FDA, in muscular dystrophy.  CepTor may also use the proceeds of
this offering to acquire additional  products or technologies  through licensing
arrangements  or otherwise and, to the extent  available,  to fund other working
capital needs  (including SEC compliance and related public company costs).  The
proceeds of this offering are not expected to be  sufficient to provide  funding
to pursue  many  avenues  of  investigation  of the CepTor  technology,  and are
planned to be primarily  devoted to Myodur and the above described  research and
other activities.

     CepTor has not yet determined all of its expected expenditures,  and cannot
estimate the amounts to be used for each  purpose set forth above.  Accordingly,
management will have significant  flexibility in applying a substantial  portion
of the net  proceeds  of this  offering.  Pending  use of the  net  proceeds  as
described  above,  CepTor  may  invest  the  net  proceeds  of the  offering  in
short-term, interest-bearing, investment-grade securities or accounts.

7.   INSIDER TRADING PROHIBITION; INDEMNITY

          (a) Commencing as of the date upon which the Draft Form 8-K is sent to
the  undersigned  and until the  filing by the  Company of the Form 8-K with the
SEC,  the  undersigned  hereby  agrees to (i) refrain  from (a)  engaging in any
transactions  with  respect to the capital  stock of the  Company or  securities
exercisable or convertible  into or exchangeable for any shares of capital stock
of the Company,  and (b) entering into any transaction which would have the same
effect, or entering into any swap, hedge or other arrangement that transfers, in
whole or in part, any of the economic  consequences  of ownership of the capital
stock of the Company and (ii)  indemnify  and hold  harmless  the  Company,  the
Placement  Agent,  and their  respective  officers and directors,  employees and
affiliates  and each other  person,  if any, who controls any of the  foregoing,
against any loss,  liability,  claim, damage and expense whatsoever  (including,
but not  limited  to, any and all  expenses  whatsoever  reasonably  incurred in
investigating,  preparing  or  defending  against any  litigation  commenced  or
threatened or any claim  whatsoever)  arising out of or based upon any violation
of this Section 7 by the undersigned.

                                       8

          (b) The undersigned agrees to indemnify and hold harmless the Company,
CepTor, the Placement Agent, the Escrow Agent and their respective  officers and
directors,  employees and affiliates and each other person, if any, who controls
any of the foregoing,  against any loss,  liability,  claim,  damage and expense
whatsoever  (including,  but not  limited  to, any and all  expenses  whatsoever
reasonably  incurred  in  investigating,  preparing  or  defending  against  any
litigation  commenced or threatened or any claim  whatsoever)  arising out of or
based upon any false  representation  or  warranty  by the  undersigned,  or the
undersigned's  breach of, or failure to comply  with,  any covenant or agreement
made  by the  undersigned  herein  or in any  other  document  furnished  by the
undersigned  to the  Company,  its  officers and  directors,  employees  and its
affiliates  and each other person,  if any, who controls any of the foregoing in
connection with this transaction.

8.   MISCELLANEOUS PROVISIONS

     8.1  MODIFICATION. Neither this Agreement, nor any provisions hereof, shall
be waived, modified, discharged or terminated except by an instrument in writing
signed  by the  party  against  whom  any  waiver,  modification,  discharge  or
termination is sought.

     8.2  NOTICES.  Any party may send any  notice,  request,  demand,  claim or
other communication hereunder to the intended recipient at the address set forth
above using any other means (including  personal  delivery,  expedited  courier,
messenger  service,  fax, ordinary mail or electronic mail), but no such notice,
request,  demand,  claim or other communication will be deemed to have been duly
given  unless and until it actually is received by the intended  recipient.  Any
party may change the address to which  notices,  requests,  demands,  claims and
other  communications  hereunder are to be delivered by giving the other parties
notice in the manner herein set forth.

     8.3  COUNTERPARTS.   This   Agreement  may  be  executed  in  two  or  more
counterparts,  each of  which  shall be  deemed  an  original,  but all of which
together shall constitute one and the same instrument.

     8.4  BINDING EFFECT.  Except as otherwise  provided herein,  this Agreement
shall be  binding  upon,  and  inure to the  benefit  of,  the  parties  to this
Agreement  and  their  heirs,  executors,   administrators,   successors,  legal
representatives  and  assigns.  If the  undersigned  is more than one  person or
entity,  the  obligation of the  undersigned  shall be joint and several and the
agreements,  representations,  warranties and  acknowledgments  contained herein
shall be deemed to be made by, and be binding  upon,  each such person or entity
and   his  or  its   heirs,   executors,   administrators,   successors,   legal
representatives and assigns.

     8.5  ASSIGNABILITY. This Agreement is not transferable or assignable by the
undersigned. This Agreement shall be transferable or assignable by the Placement
Agent to the Company.

     8.6  GOVERNING  LAW. This  Agreement  shall be governed by and construed in
accordance  with the laws of the State of New  York,  without  giving  effect to
conflicts of law principles.

                                       9

                     ALL SUBSCRIBERS MUST COMPLETE THIS PAGE

     IN WITNESS WHEREOF, the undersigned has executed this Agreement on the ____
day of ____________ 2004.

________________________   X $1,000 for each Unit     = $______________________.
  Units subscribed for                                  Aggregate Purchase Price

MANNER IN WHICH TITLE IS TO BE HELD (PLEASE CHECK ONE):

1.  ___ Individual                        7. ___  Trust/Estate/Pension or Profit
                                                  sharing Plan
                                                  Date Opened:______________

2.  ___ Joint Tenants with Right of       8. ___  As a Custodian for
        Survivorship                              ______________________________
                                                  Under the Uniform Gift to
                                                  Minors Act of the State of
                                                  ______________________________

3.  ___ Community Property                9. ___  Married with Separate Property

4.  ___ Tenants in Common                 10.___  Keogh

5.  ___ Corporation/Partnership/          11.___  Tenants by the Entirety
        Limited Liability Company

6.  ___ IRA

             IF MORE THAN ONE SUBSCRIBER, EACH SUBSCRIBER MUST SIGN.
                 INDIVIDUAL SUBSCRIBERS MUST COMPLETE PAGE C12.
             SUBSCRIBERS WHICH ARE ENTITIES MUST COMPLETE PAGE C13.

                                       10

                          EXECUTION BY NATURAL PERSONS

________________________________________________________________________________
                     Exact Name in Which Title is to be Held

___________________________________     ________________________________________
 Name (Please Print)                     Name of Additional Purchaser

___________________________________     ________________________________________
 Residence: Number and Street            Address of Additional Purchaser

___________________________________     ________________________________________
 City, State and Zip Code                City, State and Zip Code

___________________________________     ________________________________________
 Social Security Number                  Social Security Number

___________________________________     ________________________________________
 Telephone Number                        Telephone Number

___________________________________     ________________________________________
 Fax Number (if available)               Fax Number (if available)

___________________________________     ________________________________________
 E-Mail (if available)                   E-Mail (if available)

___________________________________     ________________________________________
 (Signature)                             (Signature of Additional Purchaser)

       ACCEPTED this ___ day of _________ 2004, on behalf of the Company.

                                         By: ___________________________________
                                             Name:
                                             Title:

                                       11

                   EXECUTION BY SUBSCRIBER WHICH IS AN ENTITY
                     (Corporation, Partnership, Trust, Etc.)

________________________________________________________________________________
                          Name of Entity (Please Print)

Date of Incorporation or Organization:__________________________________________

State of Principal Office:______________________________________________________

Federal Taxpayer Identification Number:_________________________________________

____________________________________________
Office Address
____________________________________________
City, State and Zip Code
____________________________________________
Telephone Number
____________________________________________
Fax Number (if available)
____________________________________________
E-Mail (if available)

                                             By:________________________________
                                                Name:
                                                Title:

[seal]                                       ___________________________________

Attest:________________________________
        (If Entity is a Corporation)
                                             ___________________________________
                                             Address

      ACCEPTED this ____ day of __________ 2004, on behalf of the Company.

                                             By: _______________________________
                                                 Name:
                                                 Title:

                                       12

                             INVESTOR QUESTIONNAIRE

Instructions:  Check all boxes below which correctly describe you.

|_|       You are (I) a bank,  as defined in Section  3(a)(2) of the  Securities
          Act of 1933,  as amended (the  "SECURITIES  ACT"),  (II) a savings and
          loan  association  or  other   institution,   as  defined  in  Section
          3(a)(5)(A) of the Securities  Act,  whether acting in an individual or
          fiduciary  capacity,  (III) a broker or dealer registered  pursuant to
          Section 15 of the  Securities  Exchange  Act of 1934,  as amended (the
          "EXCHANGE ACT"), (IV) an insurance company as defined in Section 2(13)
          of the Securities Act, (V) an investment  company registered under the
          Investment  Company Act of 1940, as amended (the  "INVESTMENT  COMPANY
          ACT"),  (VI) a  business  development  company  as  defined in Section
          2(a)(48)  of the  Investment  Company  Act,  (VII)  a  Small  Business
          Investment Company licensed by the U.S. Small Business  Administration
          under Section 301 (c) or (d) of the Small  Business  Investment Act of
          1958, as amended, (VIII) a plan established and maintained by a state,
          its political subdivisions, or an agency or instrumentality of a state
          or its  political  subdivisions,  for the benefit of its employees and
          you have total  assets in excess of  $5,000,000,  or (IX) an  employee
          benefit  plan within the  meaning of the  Employee  Retirement  Income
          Security Act of 1974,  as amended  ("ERISA") and (1) the decision that
          you shall subscribe for and purchase units consisting of one (1) share
          of Series A Convertible  Preferred  Stock and a three-year  detachable
          warrant to purchase shares of common stock (the "Units"), is made by a
          plan fiduciary,  as defined in Section 3(21) of ERISA, which is either
          a bank, savings and loan association, insurance company, or registered
          investment adviser,  (2) you have total assets in excess of $5,000,000
          and the decision  that you shall  subscribe for and purchase the Units
          is made solely by persons or entities that are  accredited  investors,
          as  defined  in  Rule  501  of  Regulation  D  promulgated  under  the
          Securities Act  ("REGULATION  D") or (3) you are a self-directed  plan
          and the decision  that you shall  subscribe for and purchase the Units
          is made solely by persons or entities that are accredited investors.

|_|       You are a private business  development  company as defined in Section
          202(a)(22) of the Investment Advisers Act of 1940, as amended.

|_|       You are an organization described in Section 501(c)(3) of the Internal
          Revenue  Code  of  1986,  as  amended  (the  "CODE"),  a  corporation,
          Massachusetts or similar business trust or a partnership, in each case
          not formed for the  specific  purpose of making an  investment  in the
          Units and with total assets in excess of $5,000,000.

|_|       You are a director or executive officer of CepTor Corporation.

|_|       You are a natural  person  whose  individual  net worth,  or joint net
          worth  with  your  spouse,  exceeds  $1,000,000  at the  time  of your
          subscription for and purchase of the Units.

|_|       You are a natural  person  who had an  individual  income in excess of
          $200,000  in each of the two most  recent  years or joint  income with

                                       1

          your  spouse  in  excess of  $300,000  in each of the two most  recent
          years,  and who has a  reasonable  expectation  of  reaching  the same
          income level in the current year.

|_|       You are a trust, with total assets in excess of $5,000,000, not formed
          for the specific  purpose of acquiring the Units,  whose  subscription
          for and purchase of the Units is directed by a sophisticated person as
          described in Rule 506(b)(2)(ii) of Regulation D.

|_|       You are an entity in which all of the  equity  owners  are  persons or
          entities described in one of the preceding paragraphs.

     The undersigned  hereby  represents and warrants that all of its answers to
this  Investor  Questionnaire  are true as of the date of its  execution  of the
Subscription   Agreement  pursuant  to  which  it  purchased  Units,  each  Unit
consisting of (i) one (1) share of Series A  Convertible  Preferred  Stock,  and
(ii) a three-year  detachable warrant to purchase shares of the common stock, of
Pubco, which will acquire by merger the business of CepTor Corporation.

_________________________________          ____________________________________
Name of Purchaser  [please print]          Name of Co-Purchaser  [please print]

_________________________________          ____________________________________
Signature of Purchaser (Entities please    Signature of Co-Purchaser
  provide signature of Purchaser's duly
  authorized signatory.)

_________________________________
Name of Signatory (Entities only)

_________________________________
Title of Signatory (Entities only)

                                       2

                                 PRIVACY POLICY

It is the policy of Brookshire Securities Corporation (BSC) to respect the
privacy of customers who subscribe to transactions underwritten by BSC.

Whether its own brokers introduce Customers to BSC or the introduction was made
through Selling Agents, (hereinafter referred to as "Subscribers") nonpublic
personal information is protected by BSC.

BSC does not disclose any nonpublic personal information about Subscribers to
anyone, except as required or permitted by law and to effect, administer, or
enforce transactions requested by Subscribers in the ordinary processing,
servicing or maintaining their accounts. Furthermore, BSC does not reserve the
right to disclose Subscriber's nonpublic personal information in the future
without first notifying the Subscriber of a change in privacy policy and
providing a convenient opportunity for Subscriber to opt out of information
sharing with nonaffiliated third parties.

Under the USA PATRIOT Act of 2001 (Public Law 107-56)(together with all rules
and regulations promulgated hereunder, the "Patriot Act"), BSC and/or your
broker may be required or requested to disclose to one or more regulatory and/or
law enforcement bodies certain information regarding transactions relating to
your account involving transactions with foreign entitles and individuals, other
transactions in your account as required in the Patriot Act and other activities
described in the Patriot Act as "suspicious activities". Neither BSC nor your
broker shall have any oblige tion to advise you of any such disclosures or
reports made in compliance with the Patriot Act.

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